Carro: How 3 friends built a $1 billion used car business

Carro: How 3 friends built a $1 billion used car business | CNBC Make It

Рет қаралды 516,559

Күн бұрын

Autos marketplace Carro has been on an epic journey, establishing itself as one of Asia Pacific’s fastest growing start-ups and achieving coveted unicorn status in 2021. CNBC Make It’s Karen Gilchrist spoke to co-founder and CEO Aaron Tan about how he and his college friends built a billion-dollar business selling used cars, and what the road ahead has in store.
Contents:
00:00 Intro
01:26 Carro CEO Aaron Tan’s entrepreneurial journey
03:35 Euromonitor’s view on the expanding middle class, price-sensitive consumers
04:23 Carro’s subscription service
05:00 Pandemic’s impact on Carro
06:09 Carro’s sustainability plans
#startup #entrepreneur
-----
Subscribe to us on KZfaq: cnb.cx/2wuoARM
Subscribe to CNBC International TV on KZfaq: cnb.cx/2NGytpz
Like our Facebook page:
/ cnbcinternational
Follow us on Instagram:
/ cnbcinternational
Follow us on Twitter:
/ cnbci

Пікірлер: 258

@AR-qo4zz 2 жыл бұрын

One of the best series on KZfaq. Keep them coming!

@timbohouston 2 жыл бұрын

Hell yah!

@atakama2380 2 жыл бұрын

arrgh, we need to reach 10 billion value now, what a big problem. These type of news are made with money, thats a method of growth , also creates investment bubbles that burst easily

@gearzone2611 2 жыл бұрын

They will do what WeWork do, take the money and leave quickly.

@jamescrud 2 жыл бұрын

I never understood how a company can be valued at $1B when it hasn't turned a profit and still owes $360M back to it's investors.

@alhambra792 Жыл бұрын

@@jamescrud The valuation is reflected on the share prices. it depends on how much the investors are willing to buy their shares. If im selling 50% of my company's share at $10 per unit for 50,000 unit, the total valuation would be $1,000,000.

@vladrazym9955 2 жыл бұрын

Did someone understand what exactly their app does using AI? Is it only me who missed this part or wasnt it even covered in the video? Otherwise there was nothing interesting at all for me here

@chan90s 2 жыл бұрын

You shouldn't ask that because it uses AI 😂😂

@chan90s 2 жыл бұрын

Lot of companies use the word AI for even simple analytics and predictions /forecast. These are not complex. They have to just feed the proper data to a model and complex computations are done my model not thier engineers

@hafizhaniff4429 2 жыл бұрын

Key point to sell the idea to VC. Lol

@Justin-oy3tv 2 жыл бұрын

AI is a very broad concept. I can guess the AI use case in this business model is mostly the pricing of a car based on data car specs, regional demand and supply.

@haha-eg8fj 2 жыл бұрын

Because it’s “cool” to use it.

@alfianderson4688 2 жыл бұрын

That's inspiring to Watch!!

@babyshushersingapore7419 Жыл бұрын

In the past, a company's valuation is based on how much they earned. Now its based on how much they spent. What a way to distort this world and earn real money from IPO.

@KhandokarRobi Жыл бұрын

LOVE IT

@saeedbasabain4188 2 жыл бұрын

Great job

@1GQ_gent 2 жыл бұрын

3:00 that billionaire laugh💸

@kasdimfer5156 Жыл бұрын

i laugh just like that and i am broke, so that means soon i will be billionaire? 🤑

@K-SD-DAD 2 жыл бұрын

His dragon shirt was so bright, i could have sworn I saw 🔥 spewing out of.😱

@kimyong7031 Жыл бұрын

First time I get to know more about Carro. I would defitinely like to try their services since I dont think I will be forking out $200,000 for a new car.

@TiMon-Experience 2 жыл бұрын

That's inspiring to Watch!! Valuing people's Money & Time and giving them the desired EXPERIENCES is helping them reach new heights ATB!!!

@binod7623 Жыл бұрын

emotional damage !! 😆

@Mrwhoknows0 2 жыл бұрын

Wow. This is nice

@parasarorain 2 жыл бұрын

I like it!

@alparslankorkmaz2964 2 жыл бұрын

Nice video

@malita354 2 жыл бұрын

We need to respect money by not paying so much for a depreciating asset

@brimmed Жыл бұрын

So Carvana really dropped the ball on just focusing on the US, sounds like SE Asia has it way harder buying cars out there

@CarlosMercadoINIGTDY 2 жыл бұрын

The used cars market is now being tapped by more than one unicorn worldwide... in Latin America there's kavak. This was long due...

@SokalAgency 2 жыл бұрын

This is awesome, so inspiring!!

@Apple-ei1ms 2 жыл бұрын

Wish i could be like them one Day

@kiatsan5781 2 жыл бұрын

Easy. Start working hard.

@harridperez9051 2 жыл бұрын

@shichilaofa Жыл бұрын

@Kiat San its not enough to work hard. Its not enough to be smart either. You have to have all the 3 main components of success. Hard work. Be smart/expert. Luck. Missing any of these 3 will gurantee failure.

@009kcwy 2 жыл бұрын

Just like CARSOME!

@srreventon 2 жыл бұрын

The moment his university is mentioned... its almost as an equation of his talent being 10X'S plus In my opinion that is one of the best schools 😇

@arbaz79 2 жыл бұрын

Name of university?

@srreventon 2 жыл бұрын

CARNEGIE MELLON.... were the fortune 100 companies get their talented executives 😇

@victorbabalola1047 2 жыл бұрын

This is amazing tech

@JogBird 2 жыл бұрын

how about explaining what they do

@ash_2k2 2 жыл бұрын

Selling used cars dumb ass

@brandonsanchezrojas 2 жыл бұрын

They're dead on with a sub subscription service

@Party50361 2 жыл бұрын

Woow

@ariestan3936 2 жыл бұрын

Wonder how much discount should I bargain with the seller ? If the car is $87,388. Thanks.

@harridperez9051 2 жыл бұрын

Base on the car specifications

@gearzone2611 2 жыл бұрын

Most startups in SEA are built in Singapore. Then catapult their newly created startups to an environment different from Singapore like Thailand, Indonesia, Vietnam, Philippines, and the rest of it. By emulating what works in Singapore seems impossible to be working outside of Singapore. I still don't get it, what this startup really do besides from selling used cars online.

@kkk2.077 2 жыл бұрын

There are many such startups around

@agnostikisbetter1893 2 жыл бұрын

Indonesia has a lot of starups compare to singapore.

@alvinr17 2 жыл бұрын

@@agnostikisbetter1893 nah bro, SG has more. Check up

@isal7171 2 жыл бұрын

Singapore is the financial hub for SEA. Thus easier for startup getting funded and achieve unicorn status, not necessarily meaning they are competitive outside Singapore.

@wesleywagumba812 2 жыл бұрын

Renting?

@virx7944 2 жыл бұрын

Hmm the concept is kinda like Socar in Malaysia

@mrclayteevee 2 жыл бұрын

It's just buying and selling of car but in a bigger scale...don't make it difficult 😹

@Funktastico Жыл бұрын

1 year later , $1B now became $100m ?

@pomme_paille 2 жыл бұрын

What is the added value of this company? What does the AI do? They didn’t provide tangible information at all..

@compton8301 2 жыл бұрын

AI is used as a buzzword by many startups.

@mrclayteevee 2 жыл бұрын

Just buying and selling of cars that simple

@ApexMotow 2 жыл бұрын

Replace sleezeball used car salesmen with an app? I'm in!

@silentpeasant5600 Жыл бұрын

In korea you can rent a brand new hyundai sonata in month for only 100$. Tax insurance all included.

@pencheng6742 2 жыл бұрын

If they plan to do business here in the Philippines, I would highly suggest them to change their brand name.

@Mannalon31 2 жыл бұрын

Why?

@pomme_paille 2 жыл бұрын

Yes, why?

@joshuacorral989 2 жыл бұрын

Bcoz carro in ph means a car they used for a dead people when they about to buried them in cementery.

@davidrabillard9620 2 жыл бұрын

What are they doing in terms of sustainability exactly? I still don't understand what problem they are solving

@SirD1 2 жыл бұрын

Don’t be jealous

@davidrabillard9620 2 жыл бұрын

@@SirD1 You're right. Congrats to them

@kevnev342 2 жыл бұрын

They still dont understand either. They added a fancy app and A.i which makes it more effciennt to lease or buy used cars including insurance and tax etc on one centralised system. Long term with the enviromental issues with fossil fuels this might prove another gimick

@KhaosAtom Жыл бұрын

they are implementing a try before you buy system and their idea is to incentivize people to try EV, hoping they like EV more and move towards EV over ICE cars in the future.

@codylim1 13 күн бұрын

Finished watching 7:49

@nicktan4530 Жыл бұрын

Singapore superiority

@lordyfull7045 2 жыл бұрын

from where they are buying the used cars?

@mrclayteevee 2 жыл бұрын

From the sellers of course 😂

@Rfh200 2 жыл бұрын

Carro in spain mean car..it suited their brand name

@user-ze1vy3lp9c 5 ай бұрын

Hide place❤

@MADMAX7330 Жыл бұрын

If Softbank invested, this is going bust in 1 yr

@chiangweytan5937 Жыл бұрын

"Now that we have achieved 1b.. the next question is how do we go to 10b, how do we go to 100b" Damn... That's how startups fail...constant growth with little to no consideration for sustainability/profitability. Grow first, deal with it later. Scale doesn't always mean profitability + sustainability. Just because you throw money at an idea, it doesn't automatically become viable long term. Grab is facing the same problem and SEA as well for all we know.

@zilverheart Жыл бұрын

1 year later... Ive never heard of this company? What happened?

@wthilmi 2 жыл бұрын

Never heard of it

@lalitnankar531 2 жыл бұрын

Indo-pacific

@TheAsiaCentury 2 жыл бұрын

definitely a great model, although a tight market, he surely does have backers

@MashabaZA 2 жыл бұрын

Building websites then becoming a VC. Also not explained.

@FaisalKhan-ie2fo 2 жыл бұрын

Looks like the founders have less than 50% already, at IPO they will just be employees with like stock options.

@samnur6957 Жыл бұрын

lol i know

@hassanamir387 Жыл бұрын

They only have 50% of 1 billion, oh no boohoo

@5Lion5ofGod7 Жыл бұрын

They probably still have more than you peasants here complaining and not doing sh*t or unable to lol.

@FaisalKhan-ie2fo Жыл бұрын

@@5Lion5ofGod7 I live in america you bum.

@CaptainPlanet007 2 жыл бұрын

Moved to the US (aka steal ideas) then come back home to start a startup. I’ve never heard that before!

@randomchannel50 Жыл бұрын

Are they profitable tho

@Khan-xo8yp Жыл бұрын

@TableTennis-Man Жыл бұрын

EV is coming next for Cars..

@peterpan9785 Жыл бұрын

No one knows Carro in 🏫 Singapore and even if they do, they don't use the platform... Ask any Malaysian's or Thai, they will tell you the same .. As much as it claims to raise so much funds

@weallgonnamake Жыл бұрын

Did the people you ask driver?

@chiangweytan5937 Жыл бұрын

Almost everyone (of age and eligible to) in Malaysia drives. And many in Singapore do. I guess for Malaysia it's MyTukar (under Carro Group) but it's really new and they also fallback to the traditional physical locations rather than fully digital. Go figure 1b valuation... Insanity

@KhaosAtom Жыл бұрын

This reporter looks so disinterested in a very interesting car business and passionate ceo lol

@jeffreyd508 2 жыл бұрын

36 years old? Jeezus, I was retired for four years by then. Some dudes are so driven. I'm glad theres dudes like this in the world. You aint getting no innovation from my lazy ass......

@valentinewellington6405 2 жыл бұрын

...

@wl1896 Жыл бұрын

never heard of it

@Wvk5zc Жыл бұрын

So.. have they got it even yet?

@LoveMafae Жыл бұрын

getting people into debit

@13AZ13 2 жыл бұрын

*CAN YOU IMAGINE HAVING A BILLION $$ COMPANY AND STILL HAVE TO WORK EVERY DAY* *I JUST WANT TO MAKE ENOUGH $$$ TO RETIRE EARLY AND TRAVEL THE WORLD AND LIVE IN THE FOREST WITH NO NEIGHBORS* *AND KEEP LIVING OFF MY CONSTRUCTION BUSINESS WHILE MY SON RUNS IT*

@theosantana7750 2 жыл бұрын

100 percent 👊🏿

@baukadrun 2 жыл бұрын

Well better keep an eye on your son time and time again..he might go nutz one day & blowing off your company money on hookers & drugs! People are fragile

@tonycordero955 2 жыл бұрын

Carro is Spanish for car

@cliptograma1009 Жыл бұрын

or just carro in castellano wich means car

@stevenhudson6354 Жыл бұрын

Success is not built on success. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life

@maryperry2460 Жыл бұрын

You are right.!

@hansencao5084 2 жыл бұрын

Ridiculous, nowhere near a unicorn status. More due diligence needed for this company and background checks. 300m revenue is GMV or?

@SirD1 2 жыл бұрын

Stop being jealous

@jd3455 Жыл бұрын

@@SirD1 that's the only comment you can write 🤣

@lincmcap Жыл бұрын

@@SirD1 LOL he is asking a simple question. You can't understand it? You need some due intelligence 😂

@hmv7773 Жыл бұрын

Just a hype up online used car trading website package as an APP . Throw in some sexy terms and bingo

@SirD1 Жыл бұрын

@@lincmcap shut flickin up!

@Mbuyudieudonne-xp2nk Жыл бұрын

Bonjour mes amis

@eilois 19 күн бұрын

It's a small amount for a marketplace

@anttivalimaki7339 Жыл бұрын

auto yrityskauppa käytetty uusi

@sarah117 2 жыл бұрын

they came from money

@itbeginx Жыл бұрын

xD she wore flip-flops on CNBC to interview a CEO of a billion dollar company.

@Vision267 2 жыл бұрын

Dont people steal parts from vehicles while they use?

@0401412740 2 жыл бұрын

Automobile retail, is low margin industry. Profits come from manufacturer rebates

@chongyen7923 Жыл бұрын

Keyword here is softbank lol

@derekhayter4879 Жыл бұрын

Only 17 cars for Taiwanese market.

@stevenyellow7638 Жыл бұрын

I’m so surprised selling used cars in Singapore….the tiny island small population of 7 millions people….and he make billions dollars in business so who’s else buying used cars from him besides Singapore

@jimseah8974 2 жыл бұрын

100b is easily achieve in today mkt..even a newspaper stand can ipo for 1b in today mkt..u shd aim for 1trillion

@catrinabenavidez 2 жыл бұрын

I’ve got about 10% of my portfolio in Uranium bitcoin any advice on any other Crypto currency that I can grow my $300k capital to a million dollars?

@boblee6907 2 жыл бұрын

Cardano🚀

@jeandelossantos6691 2 жыл бұрын

Crypto has become a lucrative and profitable way of making money

@dimitrioschristos1623 2 жыл бұрын

Yeah I think you're right, because no matter the stock market crash one needs to have a different portfolio, I already invested in Forex and Crypto which are really profitable.

@shalaemorgan_bawdy 2 жыл бұрын

The wisest thing that should be on every wise individual list is to invest in different stream of income that don't depend on the government to bring money especially now...

@darleengreen1268 2 жыл бұрын

Indeed, Crypto and Forex trading is simple and more profitable when you are on the guidance of an Expert.

@charliesanchez6480 Жыл бұрын

So many cars stolen every single day …. There’s reason why people snatching out cars from our garages, parking lot etc because there’s buyers out there like him

@lindagoldie1145 2 жыл бұрын

*Thanks for the insight I remember friends calling me crazy when I started investing in stock and crypto now I shut them with my 4 figures week returns. I now earn my goals weekly with the guideline of Mrs Betty Gary. Investment remains the first priority of building wealth*

@douglasstone6714 2 жыл бұрын

Have been in stock for sometime, just tried trading crypto and I got attracted and impressed by the huge profit I earned.

@blossomdickson4187 2 жыл бұрын

Investing in financial_market is what all rich people do. This is not a living but to grow Our portfolio

@leowayne4990 2 жыл бұрын

I'll encourage newbies in need of a reliable trader to invest /trade with with an Expert who understands and make trading easy for you, I'm shocked someone just mentioned and recommended Expert Betty Gary, all through she's a nice trader anyone can invest with

@harrywright6032 2 жыл бұрын

Investing in crypto is really the best decision anyone would have made, Mrs Betty Gary has been the one trading for me and the profit is awesome.

@andersonclark5239 2 жыл бұрын

I have lost huge amount of money trying to trade on my own, but today expert Betty Garry has helped me recovered all the losses

@freshandsaltyjohnny Жыл бұрын

sounds a lot like carvana. I hear they are facing bankruptcy hmmm.

@YasinNabi 2 жыл бұрын

That can be great idea, and not really a solid explaination.

@josephlbawitlung4069 2 жыл бұрын

Sec

@Dom-kk4sl 2 жыл бұрын

Another fraud

@sannime2719 2 жыл бұрын

1sttt

@Sumitchand.official 2 жыл бұрын

जय श्री राम।

@V.E.D.A.N.G 2 жыл бұрын

Jai sri ram

@arnavray3056 2 жыл бұрын

जय श्री राम 🇮🇳

@AkhilEapen 2 жыл бұрын

Third

@persianmusicstudio619 2 жыл бұрын

I have more strong idea then them.

@wayne8797 Жыл бұрын

Why do you need AI to sell cars? Is pricing really that complicated that you need AI? Or is this just another wework, a traditional company wanting a tech company valuation?

@DioXin 2 жыл бұрын

I watched the whole clip and still don't understand what this AI is solving exactly and what problems did it solve. Horrible editing.

@thinkabout602 2 жыл бұрын

NO middle men

@travellinghobo 2 жыл бұрын

Probably, by analyzing the cars you search. It’ll suggest similar results. It’s a rudimentary machine learning system Note: not an expert on ai/machine learning so take it with a grain of salt

@haha-eg8fj 2 жыл бұрын

@@thinkabout602 they are the middle man.

@thinkabout602 2 жыл бұрын

@@haha-eg8fj got it

@mrclayteevee 2 жыл бұрын

Watch it again , even my 6yr old brother understand it 😹

@glennalexon1530 2 жыл бұрын

Companies that mostly lose money aren't worth a billion dollars, CNBC. The founders and promoters may want suckers to believe that valuation, but you should know better, since you pretend to be a business vlog.

@valentinewellington6405 2 жыл бұрын

Stop whining.

@metalextras Жыл бұрын

Conman

@tzegoh333 2 жыл бұрын

He’s a used car salesman ?

@NextProgrammer 2 жыл бұрын

With "AI"

@mrclayteevee 2 жыл бұрын

Yeah, but a bigger one

@tzegoh333 2 жыл бұрын

@@mrclayteevee Big or small, he's still a used car salesman. He certainly talks like one.

@mrclayteevee 2 жыл бұрын

@@tzegoh333 it's different because he earns millions rather than a small fry

@tzegoh333 2 жыл бұрын

@@mrclayteevee So what if he earns millions ? That doesn't make him a better person, and he's still a used car salesman.

@Phlegethon Жыл бұрын

Is he bankrupt yet

@tacocado89 2 жыл бұрын

This business will never reach 10 billion dollars lmao. Mark my words

@mrclayteevee 2 жыл бұрын

It's easy, they just need to monopolize their market

@welatinos 2 жыл бұрын

You lost me when started yo talk about electric cars.

@stanleymaximillian8403 Жыл бұрын

Why do I hear uncle Roger here?

@ricr.4669 2 жыл бұрын

Bad journalism. What the f is this? North pole? Afghanistan? China?

@gearzone2611 2 жыл бұрын

I thought they're in Indonesia.

@chinablack Жыл бұрын

Sounds shady

@farhanhubble Жыл бұрын

Using "AI technology". That's a meaningless phrase.

@LowMedow 2 жыл бұрын

Trash 🗑

@bspiderm Жыл бұрын

Another Carvana scam waiting to go bankrupt lol 😂😂😂😂

@bspiderm Жыл бұрын

Just another scam startup lol😅😅😅

@nrgonline Жыл бұрын

This company is dead