Kuala Lumpur, Malaysia – DRB-HICOM, through its subsidiary Edaran Otomobil Nasional Berhad (EON), has made a strategic investment in Genie Malaysia, a subsidiary of Singapore-based online used car platform Carro.
The partnership combines DRB-HICOM’s decades of automotive experience with Carro’s proprietary tech-enabled platform to redefine auto financing in Malaysia. Moreover, said investment is aligned with DRB-HICOM’s move to enhance its automotive distribution eco-system.
In a joint statement, both companies said that this collaboration unlocks valuable cross-selling opportunities for DRB-HICOM within Carro’s used car platform myTukar’s dealer network, comprising over 2,600 dealers nationwide.
Akkbar Danial, chief executive officer at EON and head of automotive distribution at DRB-Hicom, said, “Following our investment in Carro, parent company of used car platform myTukar in 2021, we are excited to deepen this strategic partnership, and are confident that the synergy between our two parties will unlock unprecedented opportunities that will benefit our customers and drive mutual success.”
He added, “As we venture into game-changing technology, our accumulated experience brings valuable insights and expertise to the table. We believe this experience will greatly benefit both parties as we navigate and innovate in this new technological landscape.”
Meanwhile, Simon Chan, chief executive officer at Genie Malaysia, commented, “Genie Malaysia started because there is a ‘blue ocean’ market of underserved and unbanked car buyers who are unable to secure traditional bank financing. We have been able to combine data as well as the unique strengths of Carro and myTukar to democratise used car financing. Now everyone can own a car.”
Lastly, Aaron Tan, co-founder and Group CEO of Carro, stated, “Fintech is an integral part of our digital used car ecosystem. DRB-HICOM’s strategic investment is a huge validation of Genie Malaysia’s differentiating business model. We are delighted to strengthen our partnership with DRB-HICOM, which has invested in Carro since 2021.”
