<article>Singapore-based second-hand car selling platform <a href="http://carro.sg/" target="_blank">Carro </a>has raised S$1M ($716,000) in seed funding from a group of unspecified angel investors.</article>

Singapore-based second-hand car selling platform <a href="http://carro.sg/" target="_blank">Carro </a>has raised S$1M ($716,000) in seed funding from a group of unspecified angel investors.
Carro connects used car sellers and buyers through its online and mobile platform, cutting out middlemen such as dealers, classifieds and mechanics.
The company has already certified over 100 vehicles and is growing more than 20 per cent week-on-week, on track to hit more than S$10 million in run-rate gross merchandise value within three months of launch, it said, in a statement
&#8220;Sellers can sell their car for more and buyers can save money. More importantly, Carro’s unique inspection and guarantee programmes give both buyers and sellers a peace of mind. For buyers, Carro’s certified car listed is thoroughly inspected by professional in-house mechanics, with defects clearly marked on each listing. Selected cars also come with a complimentary one-year warranty,&#8221; the startup said on Thursday.
For sellers, Carro also guarantees to buy the car from them at the offer price should there be no buyers after listing their car for 30 days.
Carro was founded only four months ago in July 2015, by former Info-communications Development Authority of Singapore scholars and petrol heads, its statement read.
“Anyone who has ever tried to buy or sell a car would know how frustrating it is. In addition to parading around dealerships and dealing with thick stack of paperwork, sellers often receive low-ball offers from dealerships, while buyers overpay or end up buying a lemon,” Carro director Aaron Tan said.
“We want to make buying and selling used cars more transparent, secure and honest with Carro.”
Carro&#8217;s platform also helps users visualise all the available used cars in the market at a glance.
The startup said its app, available on iOS, Android and the web, runs a proprietary algorithm that determines the best offer price for sellers and a visualisation engine that helps buyers make smarter purchasing decisions.
In a more detailed explanation of the platform, <a href="http://e27.co/singapore-based-used-car-portal-carro-raises-us716k-seed-funding-20151104/" target="_blank">e27 reported</a> that Carro analyses and informs sellers of the optimal selling price for their car, using a machine-learning algorithm.
It then collects a S$250 ($180) fee from the seller, which is waived if the prospective direct buyer takes a bank loan through Carro. Traditional used car dealerships charge up to S$2,000 ($1,430) for administrative fees that are only reflected after the sales has concluded.
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Singapore-based second-hand car selling platform Carro has raised S$1M ($716,000) in seed funding from a group of unspecified angel investors.

Singapore: Used car platform Carro raises $716k seed funding from angel investors

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Singapore: Used car platform Carro raises $716k seed funding from angel investors

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