Carro, Southeast Asia’s leading online used car platform, has announced a strategic investment in Driven Communications, a portfolio of websites that includes paultan.org, carbase.my, and oto.my. The move aims to strengthen Carro’s presence in the automotive industry and expand Driven Communications’ reach beyond Malaysia. The investment is expected to be finalized within two months.
Paul Tan, founder and co-CEO of Driven Communications, expressed gratitude for Carro’s support during the challenging period of the COVID-19 pandemic. Tan highlighted the shared vision of creating a digitalized and transparent automotive used car ecosystem, emphasizing the importance of Carro’s investment in protecting their sites, preserving jobs, and ensuring the continuation of independent reviews.
Harvinder Singh, co-CEO of Driven Communications, echoed Tan’s sentiments and expressed excitement about the investment. Singh stated that Carro respects their editorial independence and encourages them to maintain arm’s-length commercial charges. He further noted that this investment would enable Driven Communications to achieve profitability and expand beyond Malaysia.
Aaron Tan, co-founder and CEO of Carro, highlighted the successful collaboration between Carro and Driven Communications over the past two years. He praised Driven Communications’ digital reach and acknowledged the positive feedback received from automotive participants. Tan stressed the importance of providing Driven Communications with the necessary resources and tools to scale higher and expressed hope for further industry investment and support.
Aside from the financial benefits, this investment by Carro also serves a strategic purpose. It aims to promote openness and independence in the industry, countering recent acquisitions that have resulted in the blocking of dealers and platforms. Carro intends to foster healthy competition and customer access throughout the region, aligning with the Malaysian government’s initiative to break down monopolies and anti-competitive behavior.
Carro’s Chief Financial Officer, Ernest Chew, emphasized the positive impact of the investment on Driven Communications’ financial standing. Chew believes that this move will lead to immediate positive net income and strong earnings growth potential, making it an attractive investment opportunity for new investors.
The collaboration will enable Driven Communications to maintain its editorial independence and expand its offerings, benefiting both existing and new customers while fostering healthy competition and industry growth in Southeast Asia.
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