Carro launches subscription-based car service in Singapore

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Southeast Asian automotive marketplace Carro is launching a subscription-based car service in Singapore.

The move targets customers who are increasingly disinclined towards car ownership due to the availability of ride-sharing services such as Grab and GOJEK.

According to a statement, subscribers will pay a flat monthly fee covering all the costs associated with car ownership such as insurance, road tax, warranty, 24-hour assistance, and maintenance costs.

Carro is offering three plans – Daily, Roomy and Fancy – which vary according to vehicle size and brand. Subscribers may upgrade their car without the hassle of selling it or waiting for the full duration of ten years to purchase a new one.

“A typical person takes nearly six years to pay off their car loan, two thirds of them even trade in their vehicle before they’ve paid it off, picking up yet another loan. Car ownership in Singapore has reached an inflection point and this offering is going to revolutionise car ownership in the country,” said Carro founder and CEO Aaron Tan.

Carro’s subscription prices range from $885 to $1475 (S$1,199 to S$1,999) a month.

According to Carro, the company transacted over $500 million worth of cars across Singapore, Thailand and Indonesia in 2018.

Also Read:

Singapore’s auto marketplace Carro closes extended $90m Series B round

Singapore’s auto marketplace Carro closes $60m Series B led by SoftBank Korea, others

Indonesian used car startup BeliMobilGue.co.id bags $10m Series A

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.