Carr recently signed an eight-year deal with the club, handed to him as a reward for his much-vaunted work in the transfer market - including bringing in the likes of Papiss Cisse, Hatem Ben Arfa and Yohan Cabaye.
And Carr says Ashley, who has received criticism for changing the name of the club's historic St James' Park ground to that of his sports clothing chain Sports Direct, is committed to Newcastle and will prove it this summer.
"Mike has committed himself to the club and there will be money available to buy players," Carr told BBC Newcastle. "As we speak we are in the market for players to improve the squad.
"We're making steady progress, we don't think we can compete with the big clubs for the 16, 17-year-olds, because Manchester United will blow us out of the water.
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|14/1||Newcastle are 14/1 to qualify for the Champions League next season with Bet365|
"What we try to look at is players who are playing first-team football at quite a young age.”
Carr also went on to discuss some of his buys who helped Newcastle mount an unlikely challenge for Champions Laague football last term.
"I first saw Papiss Cisse playing for Metz,” Carr continued. “He was on a Senegalese training camp they had there but he didn't have the passport to come in.
"I saw Yohan Cabaye in the France Under-19s, I saw Tiote playing for Roda, before he went to FC Twente.
"We followed these players, they've been on the radar for a long time."