Carro Care is Now Available in Singapore

Carro , the Singapore-based online marketplace for buying and selling cars with $78M in funding, is now offering Carro Care, Singapore’s first insurer backed warranty that covers direct owner purchases.

Underwritten by Tokio Marine Insurance Singapore and administered by The Warranty Group, Carro Care offers car owners protection from unexpected repair costs even if they haven’t bought their car on Carro. Owners of cars less than 9 years old and driven less than 200,000km are eligible for the warranty, after completing and passing an inspection. In the event of a claim, car owners take their cars to one of several authorized repair shops. The shop then provides a diagnosis of the problem, its cause, and estimated costs of parts and labor to The Warranty Group in order to get the claim approved.

Founded in 2015, Carro also has presence in Indonesia and Thailand. Last year, more than $250 million worth of vehicles were transacted across Carro’s platform, with $100 million in loans provided by Genie Financial Services, Carro’s financial services firm, which provides vehicle financing to dealers and buyers. Bottom Line: a bit of an ecosystem play.