{"id":8355,"date":"2018-12-20T20:27:17","date_gmt":"2018-12-20T12:27:17","guid":{"rendered":"https:\/\/blog.carro.sg\/?p=8355"},"modified":"2025-11-18T18:57:35","modified_gmt":"2025-11-18T10:57:35","slug":"spore-car-marketplace-carro-now-lets-you-sell-your-car-and-get-the-money-within-1-hour","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/spore-car-marketplace-carro-now-lets-you-sell-your-car-and-get-the-money-within-1-hour\/","title":{"rendered":"Vulcan Post: S’pore Car Marketplace Carro Now Lets You Sell Your Car And Get The Money Within 1 Hour"},"content":{"rendered":"

S'pore Car Marketplace Carro Now Lets You Sell Your Car And Get The Money Within 1 Hour<\/h1>\r\nSINGAPORE, 12 May 2018 - Last year, Singapore car classifieds platform Carro\u00a0announced the launch of Carro Express<\/a>, which allowed users to sell their cars and seal the deal within 2 hours.\r\n\r\nThis is made possible because as Carro would first purchase the cars from sellers before reselling them to dealers via its global auction platform.\r\n\r\nPrices for the used cars are determined through the use of algorithms and machine learning techniques, which\u00a0Carro Express<\/a>\u00a0uses to \u201cquickly and accurately gauge the market price of vehicles in real time\u201d.\r\n\r\nNow, they\u2019ve halved that time to 1 hour.\r\n

10,000 Cars Transacted Annually, $250M Worth Of Cars In 2017<\/strong><\/h2>\r\nThe new Carro Express commits to \u201cbuying unwanted vehicles from consumers in an unprecedented timing; completing each transaction within just one hour\u201d.\r\n\r\nShared CEO and co-founder Aaron Tan with us, \u201cThe lowering of the 2-hour promise stemmed from the fact that we have purchased more than 1,000 cars worldwide and are extremely familiar with the process. As a result, we were able to lower our SLA even further.\u201d\r\n
We are constantly innovating with automation and machine-learned pricing algorithms that enable us to push the boundaries of our promise.<\/blockquote>\r\nCoupled with Carro\u2019s\u00a0Genie Financial Services<\/a>, cash is wire-transferred to the consumer within the hour.\r\n\r\nGenie Financial Services was\u00a0launched last year following a US$12 million round of funding<\/a>.\r\n
\"\"<\/a>
The Carro team at the launch of Genie Financial Services \/ Image Credit: Carro<\/figcaption><\/figure>\r\nThen, the Carro team saw the need to start their own financial services company following long approval periods from local banks, with automotive financing taking weeks to complete.\r\n\r\nWith Genie, credit can be approved in 10-20 minutes, and buying or selling of cars can be done in 5 minutes.\r\n\r\nAccording to Tan, \u201creception [to Genie] has been very positive\u201d, and over $50 million in loans were underwritten in 2017.\r\n\r\nCarro Express and Genie Financial Services are just part of the company\u2019s full-suite offering, which also consists of Carro Assist, an\u00a0on-demand roadside assistance service, and Carro Care, an aftersales product.\r\n
\"S'pore<\/a>
Carro Care<\/figcaption><\/figure>\r\nLaunched in 2016<\/a>, Carro saw a 300% growth from 2016 to 2017, and now transacts over 10,000 cars on its platform annually.\r\n\r\nIn 2017 alone, they transacted over $250 million worth of cars.\r\n\r\n2017 was also the year that they expanded to included the Thai and Indonesian markets, with sales offices for both countries set up in July.\r\n\r\n\u201cThe combined market of Indonesia and Thailand sees over 3.5 million used cars transacted annually. They are also the largest markets in Southeast Asia, hence are important markets for us as well,\u201d said Tan.\r\n
We set up offices in both countries early last year and are selling thousands of cars over there annually as well.<\/blockquote>\r\nTan also revealed that they\u2019re \u201calways planning for further expansion\u201d, and will be announcing a \u201csubstantially larger fundraiser than we\u2019ve ever done before really soon\u201d.\r\n\r\n\u201cWe are also looking forward to further automation and our version of the next generation of auto retail.\u201d\r\n\r\nSource: Vulcan Post<\/a>","protected":false},"excerpt":{"rendered":"

S’pore Car Marketplace Carro Now Lets You Sell Your Car And Get The Money Within 1 Hour SINGAPORE, 12 May 2018 – Last year, Singapore car classifieds platform Carro\u00a0announced the launch of Carro Express, which allowed users to sell their cars and seal the deal within 2 hours. This is made possible because as Carro …<\/p>\n","protected":false},"author":44,"featured_media":8356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-8355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/8355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=8355"}],"version-history":[{"count":2,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/8355\/revisions"}],"predecessor-version":[{"id":15192,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/8355\/revisions\/15192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media\/8356"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=8355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=8355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=8355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}