myTukar Powered by Carro, ekosistem kereta terpakai paling pesat berkembang di Malaysia, memulakan perjalanan baharu yang mengujakan dengan penjenamaan semula kepada Carro sebagai langkah yang bakal membawa lebih banyak teknologi canggih, produk dan perkhidmatan Carro kepada pelanggan di Malaysia.
Langkah penjenamaan semula ini secara rasminya menyaksikan ‘Carro’ diimplementasikan dalam rangkaian produk dan perkhidmatan myTukar, bahan pemasaran serta papan tanda fizikal di seluruh Malaysia – satu proses yang akan memakan masa beberapa bulan.
Sejak penubuhan myTukar pada 2017 di lot kedai Glenmarie pada 2017, syarikat ini telah mencatatkan pencapaian yang mengagumkan, termasuk pelaburan AS$30 juta daripada Carro untuk merevolusikan dan mendigitalkan industri kereta terpakai yang berpotensi tinggi di Malaysia.
myTukar, now known as Carro, embarks on a new chapter in its journey, signalling a significant move to introduce more of Carro’s advanced technologies, products, and services to Malaysian customers. This renaming process will see ‘Carro’ integrated across myTukar’s range of offerings, marketing materials, and physical signage throughout Malaysia over the coming months.
Carro stands as Southeast Asia’s largest and most successful online used car platform, operating in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan. The Singapore-based startup is poised to achieve its highest-ever FY2024 EBITDA, nearing US$40 million, a remarkable leap from its FY2023 performance.
Proton has established formal strategic alliances with three reputable E-Bidding Companies (EBC) to improve the way that trade-in vehicles are disposed of for customers. The company is certain it has made great progress towards providing a quicker and more effective means for clients to own new cars by working with EBCs myTukar, MUV, and Carsome.
It has become clear that customers need a better option to trade in and get rid of their old cars as sales volume keeps increasing. Customers may expect a variety of advantages from these collaborations, including improved convenience, reliability, competitive trade-in values, pricing transparency, safe payment and ownership transfer, daily auctions, quicker disposal, and thorough inspections.
Customers will be able to send their vehicles for auction through an easy-to-use online portal thanks to Proton’s relationship with EBCs. Customers might save time and effort by not having to visit numerous dealerships or haggle with potential buyers as a result.
Customers will be able to earn competitive trade-in values for their cars through an honest and open auction system. Consumers receive a flawless experience thanks to the clear pricing approach, which guarantees that consumers can make knowledgeable decisions during the trade-in process. The payment and ownership transfer processes are also accelerated to reduce any potential delays or issues.
Buying a used car always carries with it a risk. Having been owned and used by one or more people before, its condition can vary. If you’re lucky, the previous owner or owners looked after it well and had it regularly services so it is in good condition. But there are also unlucky used-car buyers who end up with a problematic car and wish that it had been inspected professionally earlier.
myTukar, the digital pre-owned car ecosystem across the Asia-Pacific region, understands this concern of buyers and has introduced myTukar Certified for reassurance. This technology-backed stamp of assurance certification for used cars is fully transparent and backed by detailed information and standardised inspections.
Edaran Otomobil Nasional Berhad (EON) has formed a strategic partnership with myTukar, a used car online selling platform, for vehicle trade-in activities. Under the agreement, myTukar will facilitate the end-to-end trade-in process for EON’s customers via certified myTukar inspectors performing vehicle inspections on-demand for its customers.
EON, a subsidiary of DRB-HICOM Berhad, operates dealerships for several brands namely Proton, Mitsubishi Motors, Audi and Volkswagen, via EON, EON Automart, Euromobil and HICOM Auto, respectively, through a network of 20 branches nationwide.
myTukar inspection centre.
Enhancing services to EON customers
Fong Hon Sum, myTukar CEO believes the partnership will benefit from EON’s established distributor network, while providing EON the opportunity to enhance their service to customers. “myTukar is honoured to embark on this partnership journey with one of Malaysia’s most diverse conglomerates with a comprehensive automotive business,” he said.
“ The collaboration will enable EON to leverage on myTukar’s proprietary technology-enabled platform to provide EON’s customers with instant and transparent valuations for trade-in vehicles. This will enhance customer experience at EON’s network because they are now effectively a one-stop solution centre,” added Mr. Fong.
EON is a subsidiary of the DRB-HICOM Group and is associated with a number of automotive brands.
Win-win situation for both parties
Dato’ Sri Syed Faisal Albar, Group MD of DRB-HICOM, echoed Fong’s belief, stating that the partnership is a win-win situation that provides both parties with tremendous potential and possibilities.
“There is great synergy in this partnership and we are very pleased indeed to have found a like-minded partner in myTukar. Trade-ins has always been a sore point for car buyers, who today are increasingly demanding a more transparent and simplified process in their transactions. We believe myTukar’s innovative trade-in system will help boost sales of new automobiles across our branches, and more importantly enhance the overall customer experience at all our outlets. This will lead us to create more value for our customers,” said Tuan Syed Faisal.
The collaboration with EON will cover on Peninsular Malaysia initially. However, myTukar has been on an aggressive expansion drive this year with the opening of 7 new branches throughout the country. Further expansion to East Malaysia, starting with Kuching and Kota Kinabalu, is also in the pipeline, which should be beneficial to EON in the future.
myTukar is the first within the used car online trading platform in Malaysia to be awarded an ISO 9001:2015 Certification for Quality Management Systems. The certification is part of myTukar’s continuous effort in ensuring the highest levels of quality, trust and transparency throughout all stages of car selling on the innovative technology-enabled platform, to complement its ongoing expansion.
As part of its expansion, used car trading platform myTukar Sdn Bhd has taken another step towards ensuring that its processes and services are of high quality and professional. The company was recently awarded ISO 9001:2015 Certification for Quality Management Systems, and it is the first company within the used car market in Malaysia to have such certification.
ISO 9001:2015 is an international Quality Management Systems (QMS) standard developed and published by the International Organization for Standardization. The standard is based on several quality management principles, including an outlined process-based method, strong customer focus, and involvement of upper-level company leadership.
Global certification
Organizations worldwide use the standard to demonstrate the ability to consistently provide products and services that meet customer and regulatory requirements. The scope of myTukar’s certification includes provision of used car vehicle inspection via online bidding platform, evaluation, transaction and trading of used cars at myTukar’s headquarters and its Glenmarie branch.
The certificate was issued to myTukar by SIRIM QAS International Sdn. Bhd. The ISO certification process began in February 2020 and now that myTukar is certified, it must submit annual audits to retain its certification.
“We are committed to expand our customer touchpoints for an unrivalled car selling experience and are driven by our mission to digitalise and transform the traditional way of selling used cars. Complementing our current nationwide expansion of branches is our focus on quality and trust for customer satisfaction. Thus, the ISO 9001:2015 Certification is timely as it ensures that myTukar is able to meet our commitment which is to be the trusted, transparent, effective and efficient online Car Selling platform to benefits our customers,” said Fong Hon Sum, CEO of myTukar.
The company began operations in 2018 and serves the used car industry through digitalisation of the purchasing process. According to Mr. Fong, myTukar’s 2,000 strong dealership network, with 13 inspection centres, has transacted over 23,000 vehicles with an estimated value of RM750 million.
“This achievement of the certification is made possible through the dedication and commitment of myTukar’s operations staff and suppliers,” he said.
Two years into its business, myTukar Sdn Bhd is accelerating its growth with the opening of three new branches in Peninsular Malaysia. The ambitious growth plan is supported by CARRO, a Singapore-based Southeast Asian technology-enabled automotive marketplace.
To date, myTukar’s 2,000-strong dealership network has transacted over 23,000 vehicles with an estimated value of RM750 million. Digitalisation of the purchasing process has enabled it to serve the used car industry efficiently.
Fong Hon Sum, CEO of myTukar said: “The opening of multiple new branches is the most significant milestone for myTukar since we began operations in 2018. We are driven by our mission to digitalise and transform the traditional way of selling used cars. And I am proud to say that myTukar was built by the people in the used car industry, to empower and support other used car dealers using technology.”
Mr. Fong, who has over 20 years of experience in the used car industry, is keen to bring positive changes, technological improvements and transparency to the industry. His deep knowledge of the inner workings within the industry brought together over 2,000 dealerships in which myTukar works in partnership to support their needs.
Four more branches before year-end
After the three new ones in Malacca, Penang and Ipoh, another four more branches will soon open, bringing the total branches nationwide to sixteen. The additional four branches include a second Johor Bahru branch which will also be myTukar’s Southern Logistics hub and a major hub for car inspection. Mr. Fong said that more branches will open in 2021 to cover more cities around the country.
Each new branch can accommodate up to 3 cars at any given time and are equipped with basic amenities in a waiting lounge. There are qualified and professional inspectors to provide a comprehensive 158-point inspection and evaluation within 30 minutes or less. When in full operation, the 16 branches will be able to handle up to 300 vehicles per day.
“This nationwide expansion strategy is aligned to and complements CARRO Group’s strategy to continuously expand and digitalise car trading for the South East Asia Region. CARRO Group is SouthEast Asia’s largest car marketplace and currently has a presence in Singapore, Thailand, Indonesia and Malaysia,” he said.
Collaboration with Sime Darby Auto Selection
The latest collaboration for myTukar is a platform integration with Sime Darby Auto Selection to enable the company’s efficient inventory management of trade-in cars as well as the transfer of knowledge by myTukar to integrate Sime Darby Auto Selection’s inspectors into the process of strengthening used car trade-in services.
MyTukar, a used car trading platform in Malaysia has teamed up with Supply Chain Financing and P2P platform, CapBay, to offer an integrated financing programme for used car dealers. Known as the MyTukar Dynamic Dealership Programme, it is a dealership financial services programme which can provide hassle-free financing for dealerships in Malaysia, with total financing of up to RM300 million.
CapBay has strong technological expertise in executing end-to-end digitization and automation of financing processes. This enables the online car bidding platform to effectively drive its Dealer Management System. In turn, MyTukar can support used car dealers with a comprehensive financial ecosystem.
“We are pleased to introduce MyTukar Dynamic Dealership Programme, our new dealership financial services to support our 1,900 nationwide authorised dealers with a convenient and integrated purchasing experience. We believe that this programme will further strengthen our dealership ecosystem while supporting our authorised dealers’ used car business through this challenging time,” said Fong Hon Sum, CEO of MyTukar.com Malaysia.
He added: “Our priority at this point of time is to support our authorised dealers in reducing financial impact and business risks. Through MyTukar.com, we aim to simplify the process of selling pre-owned cars through digitalisation and to serve our customers with better transparency through an efficient online Car Selling platform.”
One-stop solution for financing
The MyTukar Dynamic Dealership Programme is a comprehensive financial services facility that provides authorised dealers with an effective and convenient ‘one-stop-solution’ to operate and grow their dealership business.
Mr. Fong, who has experience in the used car business, explained that with the addition of CapBay’s broad range of financial facilities to the programme, authorised dealers will receive a RM100,000 pre-approved revolving credit line to purchase cars from MyTukar’s platform. “Up to RM500,000 revolving facilities for inventory management, trade financing, and working capital is available. This enables MyTukar’s authorised dealerships to better manage their cash flow by giving a higher margin of finance for all drawdowns,” he said.
Speed up recovery of used car market
On CapBay’s part, their motivation through this initiative is to help kickstart and speed up the recovery of the used vehicle market. “We are delighted that our financial solutions are able to offer support within minutes to pre-approved car dealers who are facing cashflow pressure through these uncertain times and also present them with an opportunity to grow their dealership,” said Ang Xing Xian, co-founder of CapBay.
The revolving facilities enable MyTukar’s authorised dealers to procure vehicles and list them on the company’s online car bidding platform to fetch a higher price for their inventories. The new programme offers hassle-free financing within seconds to further complement the car purchasing experience on the platform. Dealers can pay for the financing margin balance using this facility. In other words, authorised dealers can receive short-term financing without cash outlay for purchases and free up cash flow for other investments or business opportunities.
