MPMX and CARRO Announce Strategic Partnership, Offering A Fully Integrated Online and Offline Automotive Ecosystem in Indonesia

MPMX and CARRO Announce Strategic Partnership, Offering A Fully Integrated Online and Offline Automotive Ecosystem in Indonesia 

• MPMRent is a leading Indonesian transportation company with over 13,000 fleet size providing short and long term transportation rental services rental services and its supporting services 

• CARRO will strengthen MPMRent’s core tech capabilities, and accelerate the move into electrification and sustainability by implementing Al-driven pricing algorithms, computer vision inspection system 

Jakarta, 6th June 2022 – PT Mitra Pinasthika Mustika Tbk (IDX Ticker: MPMX, the “Company”) one of Indonesia’s leading consumer automotive and transportation companies, today announced the signing of sales and purchase agreement on 31st May 2022 with Trusty Cars Pte Ltd (“Carro”), Southeast Asia’s largest used car marketplace, where Carro invests USD53.8 million or equivalent to Rp 783.8 billion to become 50% shareholder of PT Mitra Pinasthika Mustika Rent (“MPMRent”). 

This investment marks the start of a partnership between MPMX, Indonesia’s leading automotive, transportation and mobility group with Southeast Asia’s largest and fastest-growing automotive marketplace – CARRO to provide an end-to-end ecosystem for consumers in Indonesia, including online marketplace, financing, rental, repair and aftersales. 

“We are pleased to announce the agreement that company has signed with CARRO. We also thank you for the support and active role of our parent shareholder, namely PT Saratoga Investama Sedaya Tbk in realizing this partnership. The Company and Saratoga believe that CARRO is an excellent partner that would be able to add strategic value to the business of the Company through its standing track records of success and operational experiences in a fully-integrated online automotive ecosystem. This is an important and exciting next chapter for MPMRent whereas this partnership will create a one-of-a-kind integrated online and offline automotive ecosystem in Indonesia that offers a complete product and services offering for our customers using the marketplace, rental and financing to insurance serving B2B ada B2C markets. “said Suwito Mawarwati, Group Chief Executive Officer of PT Mitra Pinasthika Mustika Tbk. 

Commenting on the partnership, Aaron Tan, CEO of CARRO, said: “ We remain steadfast and committed to investing and advancing our business in Indonesia despite the uncertain global macro environment. We look forward to partnering with MPM to supercharge growth and transform the customer’s experience through the hundreds of engineers and data scientists across the CARRO Group.” 

Strategic rationale 

Capitalizing on the inherent strengths of both companies, the partnership presents a win-win situation for the Company and CARRO. It is part of the Company’s continuous effort to unlock the value of existing business, as well as invest in innovation and accelerate the Company’s digital transformation. CARRO brings its fully integrated online ecosystem from car marketplace to financing, Big Data, AI access to a fast-growing vehicle database, and relevant computer vision and pricing algorithms technologies. As a result, MPMRent will now be able to solidify its leading market position as the leading regional car rental company in Southeast Asia, providing access to a rapidly growing network of workshops, strategic nationwide rental and auction locations, a profitable and diversified customer base, and strong operational capabilities. 

Building on both companies’ commitment to their strategy and continued transformation to delivering a globally relevant platform for next-generation products and services in the automotive marketplace, the joint venture will also amplify value for both customers and dealers. This includes giving access to a wider selection of quality used cars within their inventory throughout the rental and post-rental period; better quality-management and control practices and further digitizing MPMRent’ services to ensure a smooth and seamless journey for B2B customers. 

 

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About MPMRent  

PT Mitra Pinasthika Mustika Rent (MPMRent) is a subsidiary of PT Mitra Pinasthika Mustika Tbk (MPMX), which focuses on providing comprehensive solutions in terms of transportation services. As one of the leading car rental companies, MPMRent understands every detail of business needs and ensures the best personalized solutions according to each customer's needs. Until now, MPMRent has served and become a transportation provider partner in banking, manufacturing, distribution & logistics companies, as well as various other companies in Indonesia. 

Visit www.mpm-rent.com for more info.