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CARRO RAISES US$90M FROM SOFTBANK VENTURES ASIA AND EDBI

SINGAPORE, 6th AUGUST 2019 – Carro, Southeast Asia’s largest wholesale automotive marketplace, today announced that it has raised an additional US$30 million on top of its last US$60M raise, from new investors including SoftBank Ventures Asia, government-linked global investor EDBI, Dietrich Foundation, NCORE Ventures. Hanwha Asset Management as well as existing investors including Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures and Alpha JWC. In just three years of operations, Carro has raised over US$100 million from investors.

The funding will be used to further its expansion across Southeast Asia, starting with its acquisition of Jualo.com; Indonesia’s leading C2C marketplace platform.

“Our acquisition of Jualo.com will further boost the reach of our proprietary technology platform in Southeast Asia; especially as Indonesia is the region’s largest automotive market,” said Aaron Tan, the CEO and Founder of Carro. “This also underscores our commitment to provide better automotive trading experiences to Indonesians and propels our growth in Southeast Asia.”

Founded in 2013, Jualo.com is Indonesia’s fastest-growing marketplace. The platform attracts over 4 million users per month and facilitated transactions worth over US$1 billion in 2018.

Jualo.com helps private and professional sellers trade new and used goods in over 300 categories including cars, motorcycles, property, fashion, electronics; as well as post job adverts. Jualo.com’s reach is extensive as it deals with goods being traded across all 34 of Indonesia’s provinces.

“We are very excited about this deal, as Carro is the market leader in trusted and transparent automobile trading in Southeast Asia.” said Pedro Principe, CEO of Jualo.com “Our business models are complementary in many aspects and this acquisition further drives our shared vision of empowering Indonesians with a safe and trusted marketplace.”

Over the past year, Carro has expanded aggressively in Indonesia and Thailand and is now present in over 30 cities across three countries. As part of its expansionary efforts from last year, the company has grown by 100 per cent month-on-month in both markets. Over 4,000 vehicles are transacted monthly on Carro in both Indonesia and Thailand, and tens of thousands of dealers have joined the Carro Wholesale network.

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A Quick Guide to Car Battery Replacement

It’s highly unlikely for the average driver to know when it’s time for a car battery replacement. And that’s no fault of yours. The battery is often an unpredictable component in your car, but it’s also the most important.

Without a working battery, your car won’t start. It’s as simple as that. That’s how important the battery is to your car. This is also why you should take good care of it and do what you can to prolong its lifespan.

If you’re facing some electrical issues in your car, then that’s an excellent indicator that your car battery might be faulty. To be 100% certain that your car battery is the source of the issue, you should learn these 4 ways to check your car battery! Either way, it’s good practice for you to periodically check your car battery to see if it’s still working in tip-top condition.

While the easiest indicator that it’s time for a car battery replacement is through your car’s electrical components, there are other signs.

Signs of a Faulty Battery

Corrosion

A good indicator that it’s time to replace your car battery is corrosion. If you find that the area around the battery terminal is corroded, then it’s time for a car battery replacement. While the corrosion can be easily cleaned, the solution is temporary.

You should send your car to a workshop and get it replaced to avoid the unnecessary hassle of a dead car battery.

Warning Lights

It’s obvious, isn’t it?

A warning sign will appear on our dashboard when the battery is running low or if it’s faulty. It’s the best indication that lets you know it’s time for a car battery replacement.

Slow engine start

When you start your engine and it takes a little while to crank up, that’s a sign of a failing battery. This is usually caused by a weak spark from the battery which extends the ignition time.

If your engine doesn’t start, then you’ll need to replace your car battery. If you face this issue, you should call a tow truck or jumpstart your car before heading to a workshop.

Functions have reset

If you start your car and notice that some of the customizable applications or features have reset, there’s a good chance that the car battery is not functioning optimally. Some of the features and applications that might be affected are your radio, dashcam and even the clock.

Battery Life

Typically, a car battery has a lifespan of 3 years. When it gets closer to the 3-year mark, the likelihood of you facing a battery-related issue is higher. To be safe, it’s recommended for you to get a car battery replacement at least 3 to 6 months before you hit the 3-year mark.

Where to go for car battery replacement?

Almost any workshop in Singapore would be able to help you with your car battery replacement. It’s a common fix and you just need to find a workshop that carries the same type of battery that fits your car.

The battery itself typically costs anywhere between $90 to $300. It varies depending on the battery’s model, capacity, brand and most importantly, your car model. Battery replacements usually come with a warranty too!

Getting your battery replaced at a workshop also means you’d have to pay for the installation. This usually costs about $20 to $50.

In many cases, you’ll discover that there’s an issue with your battery when you send your car for servicing. During the servicing, your mechanic will definitely check the health of your car battery. If he discovers an issue, you can conveniently get it replaced there too.

It’s always good practice to ask the mechanic how healthy your battery is during this service. This ensures that you’re not driving a ticking timebomb that can breakdown at any moment. Plus, you’ll feel at ease knowing that your mechanic did not overlook checking your battery!

In the unlucky situation where your car battery dies in the middle of nowhere and jumpstarting your car is not an option, there are even mobile car battery replacement services available. But of course, you’ll be paying a premium for the convenience!

Need to send your car for servicing? Experience a transparent and convenient experience with our CARRO Care Workshop today. Our experienced, skilled and reliable team of mechanics are qualified to work on all makes and models. We guarantee a satisfying visit every time.!

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Compare the Best Car Insurance Plans in Singapore

Getting car insurance is an essential step in your car ownership journey. Without it, you won’t be able to drive your new car. But, finding the best car insurance plan is not as easy as it seems. There’s a lot for you think about. To name a few, there’s the annual premiums, type of coverage and different clauses in the different plans.

For any driver, experienced or not, this whole process of choosing the right insurance policy can be really draining and confusing. It’s not as straightforward and simple as finding the cheapest car insurance plan. There’s a lot more to it. Luckily, there are a lot of car insurance guides you can find online from trusted sources.

If you’re still confused after doing your own research, don’t worry! We’ve come up with a comprehensive list of car insurance policies to help you compare the best car insurance plans in Singapore!

The Best Car Insurance Plan

Personally, we don’t think there’s such a thing as “the best car insurance plan” because everyone has different needs. Additionally, just like a personal insurance policy, your profile affects the policy premiums. This means that everyone will have different requirements to meet and prices to pay.

For this article, we’ll be comparing car insurance policies from five key players.

NTUC Income Drivo Premium

Great for new cars and drivers who aren’t heavy road users

If you decide on NTUC Income for your car insurance, the Orange Force will be at your disposal if you get into an accident. We’re sure you’ve seen them around, a first-aid trained rider who will provide assistance and ensure your safety. It’s certainly a really unique benefit that many other companies do not offer. For this alone, we feel that it’s an excellent choice for your car insurance as it guarantees you total peace of mind during accidents.

Apart from the Orange Force, the Drivo Premium plan allows you to visit any workshop whenever the need arises. There’s an option for you to purchase extra coverage to waive the standard $600 excess too! NTUC also offers additional schemes like FlexiMileage and NTUC Drive Master program. These schemes allow you to offset your annual premiums if you meet their requirements.

However, we feel that this car insurance plan is certainly more beneficial for new cars that are still under warranty and drivers who aren’t heavy road users. These will allow you to maximise your policy.

Etiqa Comprehensive Insurance

Perfect for seasoned drivers or the budget-conscious

With only one plan in their arsenal, Etiqa offers a comprehensive no-nonsense plan for drivers. While many other companies cap their limits for young and inexperienced driver excess, Etiqa offers one of the youngest limits at just 24 years old. But of course, the caveat is that the excess charge is really high at $4,000. Another unique option that will surely appeal to owners of cars with a sun or moon roof. Etiqa offers an option for you to cover and claim for this part of your car for repairs. And the best part is, it won’t affect your NCD!

With personal accident coverage at $50,000, Etiqa offers a comprehensive plan with relatively high coverage. Additionally, if you happen to get into an accident, the company will even provide transport allowance, which is an awesome perk to have! If you decide to take up a car insurance policy from Etiqa, make sure you look out for their promotions (which happens almost every week).

FWD Classic Insurance

Probably the best car insurance plan for families

Ask anyone about FWD insurance, and it’s likely that they’ll tell you the same thing; car insurance plans from FWD are perfect for families.

Why? It’s simple, really. FWD’s plans emphasize heavily on personal accident coverage, so you know that you won’t be hit too hard financially.

Additionally, FWD offers a one-time payment for children if both parents are permanently disabled or in case of their demise due to a car accident. These will assure you and give you peace of mind, knowing that you won’t have to burden your family if anything happens.

Furthermore, there are a lot of benefits when you sign up with FWD. For instance, all their plans come with transport allowance and they’ll even provide you with a replacement car.

While one of FWD’s requirements is that you can only visit their authorised workshops, it’s actually not that bad of a thing. When you visit one of their authorised workshops, you will receive an extended workmanship guarantee until your car turns 10. It’s a really good value-added service to have in your car insurance plan.

The best part of FWD’s car insurance plan? Their Classic plan is usually 30 – 40% cheaper than the average, which provides good value for money.

Aviva Lite Insurance

Good for drivers aged between 25 and 30

Remember the Aviva insurance plan you signed up for while serving your National Service?

If you happen to still be a policyholder, we’ve got some good news for you! You’ll be able to enjoy preferential rates if you choose to sign up for Aviva car insurance. Yay to discounts!

Also, you’ll be able to save even more money if you opt for a dual year plan. Opting for this will save you an additional 5% on your premium!

Aviva also offers one of the youngest limits for young and inexperienced driver excess at 24 years old. So, if you’re a driver that fits the bill (younger than 24 years old or less than 2 years of driving experience), you should seriously consider getting your car insurance from Aviva.

Especially their Aviva Lite plan which is cost-efficient, making it perfect for younger drivers.

Budget Direct Comprehensive Car Insurance

For the cheapest possible car insurance

If you’re looking for a basic and cheap car insurance plan, Budget Direct’s Comprehensive plan is what you should get. Depending on the driver and his record, their plans can go up to 40% below market average. Which helps you save a whole lot more on your annual premiums.

Even though you’ll have to pay extra for medical, personal accident and roadside support coverage, Budget Direct’s plan is quite good. It’s highly customizable, allowing you to pick and choose different options that best suits you.

No One Size Fits All Plan

To us, there’s no such thing as a one size fits all insurance policy that can be crowned as the “best”. Cheap doesn’t necessarily mean good and expensive plans don’t mean that it will fit your needs.

There are too many variables, considerations and requirements for you to think about. Which is exactly why finding car insurance can be quite a chore!

So how do you make it easier for yourself?

With CARRO’s sister company, Genie Financial Services, this troublesome task will become a whole lot easier! Through a hassle-free digital experience, you can select a car insurance policy from a list of trusted insurers, all from the comfort of your home.

Through a fast and easy process, you can sit back and relax while Genie takes over your application. You don’t even need to handle the paperwork (urgh) yourself!

You’re guaranteed to enjoy only the best deals for your plan! Getting your car insurance is now hassle-free!

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CARRO INJECTS US$30 MILLION INTO MALAYSIA’s MYTUKAR; DRIVES AGGRESSIVE EXPANSION PLANS

KUALA LUMPUR, 19 September 2019 – Carro, Southeast Asia’s largest automotive marketplace, today announced that it has invested US$30 million into Malaysia-based car bidding platform myTukar to digitise the local used car dealer industry. With this strategic investment, Carro’s technology will power myTukar to digitally enable the traditional used car dealerships across Malaysia, boost inter-city car sales and help local businesses grow.

Founded in 2015, Carro seeks to transform car sales for both private sellers and dealers. Initially established in Singapore, the company has since expanded to Indonesia and Thailand to create the region’s largest marketplace for automobiles. Across the three markets, Carro has facilitated over US$500 million worth of transactions in 2018.

Carro’s entry into Malaysia via myTukar signifies the latest step in the company’s regional expansion; whereby it is focusing on helping traditional car dealerships connect with private sellers via e-commerce channels. While Carro seeks to help the traditional dealers expand their market reach across the country, the move is also aimed at helping the dealers reach out to a larger pool of private sellers to grow their revenues.

“Malaysia is one of the leading automotive markets and most digitally-savvy countries in Southeast Asia, so this was the next logical step for us after expanding in Indonesia and Thailand,” said Aaron Tan, CEO and Founder of Carro. “Through myTukar we plan on working with thousands of dealers across Malaysia to catalyse the growth of the used car market. Over the next few years, we plan to triple their existing transaction volume to over $500m.”

Launched in 2018, myTukar is a Malaysian online car bidding platform that seeks to transform the traditional pre-owned car ownership process in the country. Through its e-commerce channel, myTukar allows private sellers to schedule a vehicle inspection with a sales service agent. Following which, the platform will help to facilitate a live bidding process amongst more than 1,500 dealers that myTukar currently works with nationwide. To provide sellers with a more transparent and worry-free experience, last year the company partnered with a local vehicle warranty provider to offer up to six months’ warranty for vehicles traded on its platform.

“Malaysia’s used car marketplace has been underperforming over the last decade, chiefly due to used car dealerships facing stagnating sales during this period. To grow their revenues, traditional dealerships here must embrace digital technology to reach a wider customer base,” said Fong

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Internal Combustion Engine (ICE) VS Electric Cars

In recent years, automotive manufacturers have been increasingly aware of the impact of an Internal Combustion Engine (ICE) vehicle on the environment. Most major manufactures have already announced plans to phase out the development of ICE vehicles. This means that in just 10 years, most brands’ product lineups will consist of mostly, if not all, Electric Vehicles (EVs).

During Budget 2020, it was announced that Singapore will be gradually phasing out ICE vehicles by 2040. Singapore follows a slew of other countries planning to phase out these vehicles.

As part of the phase-out plan, the government will be giving 45% rebate on the Additional Registration Fee (ARF) for EVs from 2021 until the end of 2023 and a (slight) reduction in road tax for these cars. This is a significant step made by the government to convince Singaporean drivers to make the switch to EVs.

So why are we phasing out ICE vehicles, and are EVs actually better for the environment? Let’s take a peek into the pros and cons of owning EVs and ICE vehicles.

Air Pollution

ICE vehicles contribute significantly to air pollution. To power the car, the engines combust fuel and release gases like Sulphur Oxides and Hydrocarbons. These gases are known to be significant contributors to global warming and are harmful to humans.

On the other hand, EVs run on electricity and produce zero direct emissions, hence eliminating the release of harmful pollutants. This will also help maintain better air quality standards due to the reduction in smog.

Gas Emissions

Many people advocate driving EVs as a way to protect the environment because of its zero direct emissions. However, if we consider the life-cycle emissions of EVs, i.e. look at the gases given off during manufacturing, driving and recycling of the vehicles, it might not be as clean as we thought.

Manufacturing EVs requires the mining of lithium to be used as batteries to power the vehicle. It’s estimated that the process actually creates around 3.2 tonnes of gases! But that’s not all, the way electricity is generated to power EVs also contributes to a high level of harmful gas emissions.

For example, if a power plant relies on coal to generate electricity, it would result in higher carbon emissions. On the contrary, if eco-friendly methods such as solar panels or wind turbines are used, the emissions would be lower.

Fuel Efficiency

ICE vehicles are inefficient in how they consume fuel. Only 16% – 25% of the energy from the fuel is actually converted into the energy to move the vehicle. The rest of the energy is either lost to exhaust heat, friction and combustion or used to power accessories like headlights. So, there’s higher energy and fuel consumption which further harms the environment, and is essentially money going to waste.

EVs are more efficient in the conversion of energy – 59% – 62% of the electrical energy from the source to power its wheels. With EVs already not emitting harmful pollutants, the efficiency of powering the vehicle is definitely an advantage in the fight to reduce harmful emissions.

Maintenance and Conditioning

If you’ve owned a car, you can probably relate to the pain of driving it to the workshop for different repairs. That’s because ICE vehicles have many moving parts under the hood. Most of them are mechanical, which means they are subjected to wear and tear. Additionally, the possibility of these parts breaking down is also higher.

On the other hand, changing parts in EV isn’t as technical as it is in ICE vehicles. The maintenance schedule is also a lot more spread out. Depending on the manufacturer, you can choose to send your EV for servicing every 2 years, whereas the rule of thumb for ICE vehicles is to service your car every year or 10,000KM, whichever comes first.

All in all, this would mean that maintenance and servicing for EVs should be a lot cheaper.

Electric VS Internal Combustion Engine Vehicle

As Deputy Prime Minister Heng Swee Keat said during his Budget 2020 speech, “Vehicles with internal combustion engines also contribute to pollution, adversely affecting our health and quality of life.” So, phasing out ICE cars will be a way for us to live healthier. Not to mention, it is also a way to keep the Earth healthy!

Although EVs are not entirely carbon-free when life-cycle emissions are considered, we cannot deny that it’s definitely cleaner with zero direct emissions. The key question we have to ask ourselves when considering an EV is how the vehicle is manufactured. Additionally, with the new plans that make owning an EV cheaper coming into place, it might provide the necessary push to get more Singaporeans on board with EV.

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