Carro expands into Japan through partnership with Softbank
Singapore-based used-car market Carro on Tuesday announced its expansion into Japan through a joint venture with SoftBank Corporation (SoftBank).
As part of its entry, CARRO JAPAN Co., Ltd. (CARRO JAPAN) aims to introduce its full range of services, such as subscription services and car rental, Carro said in a statement.
Through this strategic partnership, Carro’s technology will digitally match traditional car leasing to business users in Japan. The partnership will also involve several leasing companies, with plans to expand the market to individual users.
“Japan is one of the largest automotive markets and one of the most digitally advanced countries in Asia. Our entry into Japan is the natural next step to increase our regional presence and help traditional dealerships expand their market presence across the country using our capabilities based on Artificial Intelligence (AI) technology,
“Over the next few years, we plan to capitalize on the growth of the used car market. We will start by providing car subscription services with Softbank initially, and eventually plan to work with thousands of dealerships across Japan to play an active role in providing consumers with a seamless buying and selling experience. hassle,” said Carro CEO and co-founder Aaron Tan.
According to the statement, Japan has seen an increase in demand for used cars and subscription services in recent years, resulting from rising prices for new vehicles and a growing need to own a car.
However, the difficulty in accurately assessing the valuation of a used car due to the inconsistency and lack of credible valuation criteria has led to several barriers to entry into the used car market. opportunity in the country.
Carro said CARRO JAPAN will support existing car dealerships with leasing services and provide a highly competitive subscription service.
Additionally, Carro’s AI technology will be integrated to accurately predict the valuation of used cars based on their history and data.
Meanwhile, SoftBank’s key role in CARRO JAPAN will be to tailor services to the Japanese market, including marketing, sales and collaboration with partner companies.
With the entry of Carro in Japan, corporate customers can apply for the subscription service by indicating their requirements for a used car through the CARRO JAPAN website, including vehicle size, mileage, non- smoker or smoker, and more.
A list of suitable used cars available for hire will automatically be generated for review.
In addition, CARRO JAPAN will also allow users to request various auxiliary services that will improve the efficiency and safety of operations related to the use and management of company-owned vehicles.
Available services will include a vehicle management solution, which records driving habits such as acceleration and deceleration, as well as an alcohol detection function to promote safe driving.
Other features, such as smart keys, will allow users to unlock and lock their vehicles using their smartphones.
CARRO JAPAN plans to extend this service to individual users by collaborating with LINE Corporation, a SoftBank Group company.
Under the joint venture, SoftBank will lead its “Beyond Japan” initiative to expand into East Asian countries and promote business development outside of Japan.
Founded in 2015, Carro is Southeast Asia’s largest online car retailer. The company transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities and innovative technology solutions.
Based in Singapore, the company has a strong presence in Asia Pacific, supported by more than 2,000 employees in Indonesia, Thailand, Malaysia and Vietnam.
The company has raised over 700 million Singapore dollars ($497 million) from the Softbank Vision Fund and several sovereign wealth funds.
Singapore’s Carro achieves profitability in FY22 as revenue more than doubles