The automotive industry plays a vital role in the economy of the world. From manufacturing to design, and from marketing to selling cars and auto parts, this industry is rapidly advancing alongside technology and sustainability initiatives.
Contributing around 3%-7% of the world’s GDP, the ESG actions in manufacturing and selling of electric vehicles are now a green initiative strategy that is being globally adopted. It is also been seen that along with gaining importance noteworthy advancements are also seen in this industry. Here we are discussing one such inspiring entrepreneur who has made the buying and selling of cars easy to people with the adoption of technology.
Co-founder and CEO: Aaron Tan
Aaron Tan is an inspiring entrepreneur who started his journey at the young age of 13. Initially, he dropped the polytechnic college followed by this he secured a government scholarship and later studied at Carnegie Mellon University in the stream of computer science. Next, he played an important hand in contributing to and establishing a building space called BLOCK71 for light manufacturing, for the first time in Singapore. He is a programmer and venture capitalist.
In the year 2015, Aaron Tan along with his university mates Kelvin Chng and Aditya Leasmana as co-founder started a business called CARRO. With his love for trending and buying cars, he initiated this startup move. This has become one of the unicorns in Singapore as it has raised $480 million within 6 years of establishment. From then to now it is been running successfully and profitably in the automotive industry of Singapore.
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About CARRO
Now let us understand more about CARRO and the business model adopted by Aaron Tan to make it a unicorn. Carro is a full-fledged platform that deals with all the aspects related to cars from car ownership to other processes like buying and selling. It is an Al-powered technology that uses proprietary pricing algorithms and AI-used capabilities to enhance the experiences. It has gained popularity as it maintains trust and transparency in the process.
Carro has a website and app that anybody who wishes to buy or sell a car can go through. It has all the possible options and details related to a car even including the instalments and more. One who is looking for a car can see all the information starting from model, images, and owners to the number of kilometers the car has run so far. Furthermore, it has the Carro certification of pointers including a money-back guarantee for 5 days, a warranty for the engine and gearbox of 12 months, etc.
Carro is also providing the option to help with the financing of loan approval on the same day, followed by 3.98% loan interest, and loan tenure up to 7 years. You can even reserve the car based on the flexibility in buying. Along with this Carro also provides other services like flexible car ownership experience, repair services, car insurance products, etc. It is the first company in Singapore that provides the services of contactless online car purchases, rental subscriptions, and widely usage-based solutions in insurance.
Carro has its establishment in the countries of the Apac region like Malaysia, Thailand, Singapore, and Indonesia. It also aims to own the car market in Taiwan, the Philippines, Cambodia, and Vietnam. Unlike other companies and entrepreneurs, even Mr Tan had to face a critical situation during the time of COVID-19 19 where he had to decide on 50% pay to his employees later, he made a strong comeback with the approach of contactless and online-based car services,
Awards and Recognitions
Carro is one of the most used car-selling platforms and has gained several awards for fostering the mission to be a car marketplace for all automotive needs to customers by providing the best and most trustworthy services. The award of the No.1 spot in The Straits Times was grabbed in the year 2021 and was mentioned in the list of Statista as the fastest-growing company in Singapore.
Aaron Tan the founder of Carro with his visionary and innovative idea has made the process of buying and selling cars easier along with retaining the trust of customers, hence it has paved the way for the automotive industry transformation. He is been an inspiration and aspiring entrepreneur by making Carro a unicorn in Singapore.