myTukar Rebrands to Reflect Growth as Malaysia’s Fastest-Growing Digital Used Car Platform

• myTukar has rebranded to share the same corporate identity as its parent company — CARRO to further strengthen its presence and capabilities across the Malaysian network. 
• The second edition of the Puchong South autofair seeks to redefine the car-buying process, featuring over 1,000 myTukar Certified Pre-Owned cars. 

(from left to right): Fong Hon Sum, Founder and Chairman of myTukar; Derrick Eng, CEO of myTukar; and Aaron Tan, CEO and Co-founder of CARRO

Kuala Lumpur, 1 July 2022 – myTukar has just announced a relaunch of its brand identity, to reflect its strengthened branding and capabilities as part of the regional CARRO network. A fresh new look for a fresh take on the expanding used car industry, myTukar’s creative rebranding exercise, which includes a new look and colour scheme, is designed to mirror its parent company’s focused vision and cohesive direction to be the #1 used car marketplace in Southeast Asia and beyond. 

The all-new brand look is just the start, with a series of exciting new changes lined up for the company. And customers won’t have long to wait, with myTukar’s first campaign powered by Carro all ready to roll out in the coming weeks.

Derrick Eng, CEO of myTukar said, ”Many things have changed since the start of the pandemic: our lifestyle, habits, preferences and now, as we transition into the endemic phase, there is no better time to “tukar” your ride too. With our collective effort as a company, alongside our partners, dealers and customers who trust in our credibility, the used car industry has never been so accessible, transparent and trusted. The improvement to myTukar is beyond rebranding; we have integrated our capabilities, business, data intelligence and technical knowledge with our parent company, CARRO to bring even better value to our customers.”

Derrick Eng, CEO of myTukar during his welcome speech at myTukar’s rebranding debut 

“Our regional expansion journey started with a goal to transform the traditional pre-owned car ownership process to one that is more digital. After our entry into Indonesia and Thailand, our expansion journey brought us here to Malaysia and into a partnership with myTukar, as they share our vision of enhancing the digital experience of the country’s car dealerships, to be the undisputed leader in the region. myTukar’s rebrand today is a renewal of the company’s commitment to delivering a world-class experience to customers, ensuring a smooth and transparent car ownership process. In aligning our brand’s identity and core values with one another, we are thrilled to be a part of myTukar’s ongoing journey,” added Aaron Tan, Chief Executive Officer and Co-founder of CARRO. 

With customers now more confident in used cars, demand for used cars shot up by 8% in the first quarter of 2022. To meet the rise in demand, myTukar is hosting another automotive fair at its flagship retail showroom, the myTukar Retail Experience Centre, in Puchong South. Held from 1 to 3 July, over 6,000 people are expected to attend the three-day fair, gaining first-hand access to over 1,000 myTukar Certified Pre-Owned cars. 

The brand looks to make convenience a key aspect of the purchasing journey moving forward, as part of its commitment to its customers. Customers will also soon be able to enjoy a new unique experience, as myTukar will be introducing its fleet of flatbed trucks to deliver vehicles directly to customers’ doorsteps.

In addition to that, customers would also be able to obtain on-the-spot trade-in value for their vehicles, enjoy a low interest rate of 1.88%, same-day loan approval and car collection. Participating banking institutions that will be at the event include Maybank, CIMB Bank, Public Bank, RHB Bank, Hong Leong Bank, and myTukar’s financial service provider, Genie Financial Services. 

Fresh Look for a Trusted Brand 

myTukar’s rebranding announcement follows the brand’s rapid growth digitally and its recent physical expansion nationwide. Over the years, the company’s transaction volumes grew by 63% for wholesale, 260% for retail and net revenue increased by 89%. In line with myTukar’s strategy to drive growth and sales, the rebrand aims to bring the company closer to consumers and prepare for further geographical expansion. 

Derrick also added, “This rebranding is our commitment to delivering customers an end-to-end purchasing experience when they decide to buy their next dream ride. We are confident that with CARRO’s technological support, regional presence and our experience in tackling the Malaysian market, we will be able to continue our track record of growth. Our on-going efforts on physical auto fairs across the country is reflective of this endeavour, to make it easier for Malaysians to evaluate and experience our quality selection of used cars and make smart purchasing decisions when it comes to their next dream ride.” 

myTukar’s unmissable orange box

In the lead up to myTukar’s grand reveal of its rebrand, gigantic orange boxes with a QR code were placed at various locations across the country. It first started off in Plentong, Johor Bahru during the myTukar Auto Fair 2022 there, then in the Klang Valley at The Starhill, One Utama, and IOI City Mall, as well as in Penang at Gurney Plaza and now at the myTukar Retail Experience Centre, in Puchong. Mobile boxes were also seen at Ipoh, Taiping, Alor Setar, Johor, and Penang.

The unmissable orange monolith was a chance for lucky participants to be amongst the first in line to win prizes worth up to RM20,000. With more people scanning the code, higher tiered prizes were revealed adding a community element to unlock the best prizes. 

Since its inception in 2018, myTukar today has evolved into an online marketplace that offers a comprehensive range of services for all aspects of car ownership, with over 4,000 sellers. The brand’s digital platform enables users to conveniently buy or sell their vehicles, from the comfort of their own homes. Connecting buyers and sellers nationwide, myTukar also provides a host of after sales services from insurance to servicing, and more. 

To find out more information on myTukar and their latest ventures, please visit https://carro.co/.