Singapore-based Carro has reported recorded ebitda in its FY2023 ended March at US$4 million ($5.41 million), the used car platform’s highest-ever full-year positive ebitda.
Revenue for the full year exceeded US$800 million on the back of a US$1.5 billion gross merchandise value (GMV). Carro sold and financed over 120,000 vehicles across Indonesia, Thailand, Malaysia and Singapore.
The company’s gross profit margin for the full year increased to 9%, underpinned by strong ancillary income growth which represents close to 60% of Carro’s gross profit in the final quarter.
Its fintech business Genie also recorded strong growth across the region, keeping non-performing loans at 0.2% — significantly below industry benchmarks, the company says in a statement. Genie’s overall loan book grew to over US$350 million.
Carro cofounder and CEO Aaron Tan says the company is laser-focused on improving profitability and unit economics while optimising productivity and cost structure.
“It’s not about selling more cars; it’s about capturing more value and recurring income streams. As other businesses continue to focus on GMV growth at all cost, we strategically doubled down on building a sustainable business model and leveraged our ecosystem to drive more recurring ancillaries across the entire ownership and usership lifecycle,” says Tan.
