Jardine Cycle and Carriage teams up with Carro to shape future of automotive retail

Investment holding company Jardine Cycle & Carriage (JC&C) has partnered with automotive marketplace company Carro to redefine the used car and aftersales segments of automotive retailing.

In a deal worth over US$60 million, the partnership reflects JC&C’s interest in Carro. Carro will also acquire an interest of equivalent value in JC&C’S used car subsidiary, Republic Auto, which is one of Singapore’s established used car dealers.

“JC&C chose to partner with Carro because we look beyond used car wholesaling and retailing, settling our sights on the larger ecosystem that facilitates deeper cooperation in financing, insurance and aftersales,” said Wilfrid Foo, managing director of direct motor interest for JC&C.

“The partnership will enable us to scale up our operations and capabilities faster by leveraging our combined areas of expertise,” Foo added.

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Through this partnership, Carro will gain immediate access to an extended range and supply of high-quality used cars, proven automotive capabilities and established networks. Additionally, Carro will appoint a representative to the Board of Republic Auto. Republic Auto will allow Carro to have better access to stock in the premium used car sector.

JC&C will also appoint a representative to the board of Carro to guide the partnership and ensure mutual benefits. Concurrently, Carro’s digitally led platform will be used to accelerate participation in high-growth and new economy sectors.

JC&C, together with Carro, will collaborate on a vast range of platform and data initiatives across the used car and aftersales value chains that will upscale upstream efficiencies and expand its downstream markets. They will also be forming an aftersales joint venture to introduce a multi-brand aftermarket workshop business with an initial focus on Singapore and Malaysia markets.

The business will tap on Carro’s proprietary tech capabilities to integrate and replicate the value chain from online to offline to strengthen consumer touchpoints.

“By tapping on JC&C’s strong networks and deep understanding of the region, we are confident we will continue to stay ahead of the competition and further boost Carro’s market position,” said Aaron Tan, chief executive officer of Carro.

The news comes just months after Carro, released its first-ever regional brand film "A car’s journey in reverse" to elevate the overall awareness of Carro's brand, services, and values.

Produced by creative agency TBWA\Group Singapore and production houses Applebox Asia, Fuse Adventures in Audio and The Quiet Lab, the ad launched across Singapore, Malaysia, Indonesia and Thailand.  Katherine Teo, regional head of marketing, Carro, said, “This campaign is part of our larger regional market expansion plans and our goal is to increase people’s confidence in purchasing a used car – importantly, one from Carro.”

Simond Chew, creative lead, Carro, said, “The purpose of this film is to help build Carro's long-term brand vision of trust. At Carro, we will always be truthful about a car’s history - through our rigorous 160-point inspection and high-quality refurbishment process, we ensure that all Carro certified cars sold will be as good as new.”

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