In a statement, Carro said it understands that today’s generation of drivers want to enjoy the convenience of owning a car without needing to worry about annual depreciation and unexpected expenses such as repairs, roadside assistance and insurance premiums.
By introducing a subscription based service, users can pay a flat monthly fee that includes all costs associated with car ownership - insurance, road tax, warranty, 24-hour assistance, and maintenance costs. For added peace of mind, at the end of the term, customers can return the car with no questions asked about minor wear and tear, dents and scratches.
“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,” said Aaron Tan, CEO and founder of Carro. “Car ownership in Singapore has reached an inflection point and this offering is going to revolutionise car ownership in the country. We are empowering consumers with the flexibility to drive the car of choice with the option to return it at any time, no strings attached."
Manisha Seewal, group CMO of Carro said the company has taken an integrated approach in promoting the new offering and are marketing the solution across various touch points - digital media, a website focused on the service, and a public relations campaign. Seewal added that with the campaign, the team is hoping to have a positive ROI, and drive people to subscribe to the various plans we are offering under this service
“Carro is transforming car ownership. We married customer insights and data with our vision, and came to the conclusion that people in Singapore were looking for a flexible car ownership journey, that takes care of all the essentials such as maintenance, insurance, roadside assistance and road tax,” Seewal added.
Through Carro’s flexible subscription-based service, currently available in three plans - Daily, Roomy, and Fancy - users will not need to stick with the same type of car for the full period of ten years. Car owners can start out with a compact vehicle, move to an SUV or MPV when starting a family, and eventually upgrade to a luxury car. Users can choose to return the car anytime, forget about the need to sell the car after using - a truly hassle free car ownership experience. To date, Carro’s forays across Southeast Asia include Singapore, Thailand and Indonesia. The company is the region’s largest automotive marketplace – having transacted over US$500 million worth of cars in 2018.