The Thai Used-Car Market: Carro, Roddonjai, and the 2023 Resale-Value Collapse
Thai used-car market estimated 1.5-2.5M annual transactions (THB 600-900B aggregate value). Major operators: Carro Thailand (Singapore-listed AUTOPL), Roddonjai (NS-listed Thai-domestic), 1Take Auto, Otomaxx, Auto Auctioneer Thailand. 2023-2024 used-car-resale-value collapse 20-30% on EV-substitution, parallel-import dynamics broke auto-loan loss-given-default assumptions. Krungsri Auto, Tisco Auto Loan exposure; sister NPL-cycle report. Watch BYD, MG EV-substitution and parallel-import Japanese-used-car flow.
Key takeaways
- 1
Thai used-car market 1.5- annual transactions; aggregate value.
- 2
Major organised operators: Carro Thailand (Singapore-listed AUTOPL), Roddonjai (NS-listed).
- 3
Informal dealer network ~5,000-8,000 nationwide plus weekend-fair operators.
- 4
2023-2024 used-car-resale-value collapse across major categories.
- 5
Drivers: EV-substitution (BYD, MG, GWM Ora), parallel-import Japanese-used flow, post-COVID demand softening.
- 6
Resale-value collapse broke auto-loan loss-given-default assumptions; Krungsri Auto, Tisco exposure.
Questions this report answers
How big is Thai used-car market? Triangulating Carro and operator data plus Bangkok Post coverage points to 1.5- annual transactions worth aggregate value across organised, informal dealer networks. Major organised operators: Carro Thailand (Singapore-listed parent AUTOPL, largest), Roddonjai (Thai-domestic NS-listed), 1Take Auto, Otomaxx, Auto Auctioneer Thailand. Informal dealer network ~5,000-8,000 nationwide.[]
What caused the 2023-2024 resale-value collapse? Per Bangkok Post coverage: prices declined across major categories driven by (a) EV-substitution β Chinese BYD, MG, GWM Ora, Neta entered Thai market with subsidised-pricing depressing ICE-resale-value; (b) parallel-import Japanese-used-car flow (Japanese-domestic-market 6-10 year-old used vehicles imported and resold) increasing supply; (c) post-COVID consumer-demand softening.[, ]
What's the auto-loan-exposure impact? Resale-value collapse broke auto-loan loss-given-default assumptions β Krungsri Auto, Tisco Auto Loan, SrisawadPower auto-loan exposure faced 90+ DPD spikes 2024-2025. LGD on defaulted auto-loans jumped from typical to + in stressed cases. Sister Thai household-debt, pawn-shop reports cover broader NPL-cycle context.[]
Executive summary
Thai used-car market 1.5- annual transactions; aggregate. Carro Thailand (AUTOPL) largest organised; Roddonjai NS-listed; informal ~5- dealers.[]
2023-2024 resale-value collapse driven by EV-substitution (BYD, MG, GWM Ora, Neta), parallel-import Japanese-used flow, post-COVID demand softening.[, ]
Auto-loan LGD spike from to +. Krungsri Auto, Tisco, SrisawadPower exposure. Watch BYD, MG continued EV-substitution and parallel-import flow.[]
Thai used-car market structure
Annual transactions
Value
1.5-2.5M
Notes
$17.4-900B aggregate value.
Largest organised operator
Value
Carro Thailand (AUTOPL)
Notes
Singapore-listed parent.
Informal dealers
Value
~5,000-8,000 nationwide
Notes
Plus weekend-fair operators.
2023-2024 resale-value collapse
Value
20-30% decline
Notes
EV, parallel-import, demand.
Major auto-loan exposure
Value
Krungsri Auto, Tisco, SrisawadPower
Notes
NPL-cycle pressure.
| Metric | Value | Notes |
|---|---|---|
| Annual transactions | 1.5-2.5M | $17.4-900B aggregate value. |
| Largest organised operator | Carro Thailand (AUTOPL) | Singapore-listed parent. |
| Informal dealers | ~5,000-8,000 nationwide | Plus weekend-fair operators. |
| 2023-2024 resale-value collapse | 20-30% decline | EV, parallel-import, demand. |
| Auto-loan LGD spike | 30% to 50%+ | Stressed cases. |
| Major auto-loan exposure | Krungsri Auto, Tisco, SrisawadPower | NPL-cycle pressure. |
Pickup-truck NPL trajectory (THB billion outstanding)
2022 FY
NPL (THB B)
72
Notes
Pre-EV-substitution baseline.
2023 FY
NPL (THB B)
99
Notes
EV-substitution begins; resale-value pressure.
Q1 2024
NPL (THB B)
115
Notes
Pickup-specific LGD spike underway.
NPL (THB B)
138
Notes
39% YoY surge per NCB.
Q4 2024 est.
NPL (THB B)
145
Notes
Tisco, Krungsri portfolio contraction.
| Period | NPL (THB B) | Notes |
|---|---|---|
| 2022 FY | 72 | Pre-EV-substitution baseline. |
| 2023 FY | 99 | EV-substitution begins; resale-value pressure. |
| Q1 2024 | 115 | Pickup-specific LGD spike underway. |
| May 2024 | 138 | 39% YoY surge per NCB. |
| Q4 2024 est. | 145 | Tisco, Krungsri portfolio contraction. |
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