SINGAPORE: Used car marketplace Carro has announced its expansion into Japan through a joint venture with SoftBank Corporation.
As part of its entry, Carro Japan Co, Ltd aims to introduce its full range of services, such as subscription-based services and car leasing.
Through this partnership, Singapore-based Carro said its technology will digitally match traditional car leasing with corporate users in Japan. The partnership will also involve multiple leasing companies, with plans to expand the marketplace for individual users in the coming years.
Carro CEO and co-founder Aaron Tan said the company decided to enter Japan because it is one of the leading automotive markets and most digitally-savvy countries in Asia.
"Our entry into Japan is the next natural step in growing our regional presence and helping traditional dealers expand their market reach across the country using our AI-technology-backed capabilities."
In recent years, Japan has seen an increase in demand for used cars and subscription-based services, resulting from the backdrop of rising prices of new vehicles and a growing need for car ownership.
However, the difficulty of accurately assessing a used car's valuation due to the inconsistent and lack of credible evaluation criteria has led to several barriers to entry within the used car marketplace in the country.
Carro Japan will support existing car dealers with leasing services and provide a competitive subscription-based service. In addition, Carro said its AI technology would be used to accurately predict the valuation of used cars based on their history and data.
SoftBank's role in Carro Japan will be to tailor services for the Japanese market, including marketing, sales, and collaboration with partner companies.
