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Daily Digest | New car smell not included

Written by The Uptake Published on   1 min read

What are Carro and Carsome doing differently that might make them succeed where other car marketplaces failed?

Hey. It’s Brady again.

Carro and Carsome carry massive valuations on top of their used car transactions. This is an anomaly worth diving into, considering marketplaces for secondhand vehicles have historically tanked quickly, if we reference firms in China and the United States.

What Carro and Carsome are doing differently, it seems, is that they utilize data analytics in new, more advanced ways and and provide fintech services to their customers. Carro achieved profitability in 2020, and Carsome expects to hit the same milestone next year.

Considering the two companies’ offerings, even though they may appear to be marketplaces for vehicles, their bread and butter is more likely to be fintech and intelligence for dealers and individual users. That makes the cars in both companies’ names ancillary, not so much the central focus of their business.

Yet there are still risks, and the predecessors of Carro and Carsome offer blueprints for what not to do as they race ahead.

Stephanie and Khamila had the story. You can check it out here.

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