car trading Archives - MARKETECH APAC

Kuala Lumpur, Malaysia – Used car buying and selling platform myTukar has officially launched in its first phase new retail chain openings to expand its physical purchasing experience with customers.

The first phase launches were made across major shopping centers in Klang Valley, namely in Paradigm Mall, Petaling Jaya; One Utama, Petaling Jaya; and MyTOWN Shopping Centre, Kuala Lumpur.

Together with the ‘myTukar Retail Experience Centres’, the platform has also revamped its retail website which now carries integrated e-commerce features with the aim to provide a completely transparent customer purchasing experience. The new centres will be complete with the brand new retail website.

The myTukar Retail Experience Centres is one of the many initiatives in the platform’s business pipeline to bring a complete car ownership experience to all car buyers.

“This innovative concept is a breakthrough in the used car industry and will be expanded nationwide in the future, thereby supporting the expansion of the used car industry. The brand new purchasing experience launched today is complementing our key collaborations with partners such as Sime Darby Auto Selection, DRB-HICOM, and authorized dealer partners,” said Fong Hon Sum, CEO of myTukar.

At the kiosks, customers can enjoy a 360-degree view of the cars available for sale via touchscreen monitors. They can also trade in and have their used cars inspected while having the opportunity to take the potential new cars for a test drive, where ll can be done with the conveniences and facilities of a shopping mall.

In line with enhancing customer experience, myTukar has also recently announced in December 2020 a new technology that aims to automate and standardize the car inspection process within its platform. It will also utilize features including analyzing images and videos of cars to spot defects such as dents, scratches, and paint deterioration.

Kuala Lumpur, Malaysia – Used car trading platform has announced its expansion to the untapped car trading market in East Malaysia by opening two myTukar inspection hubs located at Kuching, Sarawak and Kota Kinabalu, Sabah.

According to the Malaysian Automotive Association (MAA), used car sales grew by 100% in the first six months of 2020, a positive growth especially during Q3 of 2020, despite the ongoing pandemic.

“With the increased demand for used cars nationwide, we have also observed an increase in online trading among East Malaysians. Currently, only an estimated 26% of used car dealers in East Malaysia are conducting their transactions online,” said Fong Hon Sum, CEO of myTukar.

He added, “As myTukar’s mission is to simplify the process of selling used cars through digitalization within our online platform, we believe that it is the right time to enter the currently untapped East Malaysian market. The innovative myTukar platform is able to provide the needful support to used car dealers in East Malaysia, ultimately helping to increase sales for the dealers through a speedy, efficient, and cost-effective ecosystem.”

This is not the first time the Malaysia-based used car trading platform has gone wide market expansions in the country.

In October of 2020, seven branches were opened by myTukar across Malaysia, bringing the total number of branches to 15, and transacting over 27,000 vehicles with an estimated value of RM805M.

Kuala Lumpur, Malaysia – Local-based used car trading platform myTukar is preparing to open more physical inspection centers in Malaysia by the fourth quarter this year in the cities of Johor Bahru, Kuantan, Batu Pahat, and Seremban.

The endeavor, supported by automotive marketplace CARRO, will follow the three recently opened branches in Malacca, Penang, and Ipoh last September, adding the 2,000 dealerships network in the country, which has seen 23,000 car transactions since the company’s establishment.

In addition, the targeted Johor Bahru opening would be myTukar’s second branch in the said city, and will serve as the company’s Southern Logistics hub.

Each myTukar branch will have the capacity to accommodate three cars at any given time, with a total of up to 300 cars per day that can be served. As cars are given inspection and evaluation within 30 minutes, customers can enjoy free WiFi, refreshments and a comfortable waiting lounge with each branch they visit.

Fong Hon Sum, CEO of myTukar stated the the company’s move towards opening more branches is a significant move since its establishment in 2018, and adds that with their ongoing mission to digitize trading of used cars, it aims to help car dealerships also move towards digitizing their services.

“With the opening of new branches in 2020, we are committed to expand our customer touchpoints for an unrivalled car selling experience. More branches are already on the horizon to cover more cities in Malaysia by 2021. 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,” Fong stated.

This new strategy for the company is an addition to the company’s latest partnerships and collaborations this year. Partnerships include financial scheme with financial institution CapBay, digital platform SISMA Auto Glenmarie SELEKT Center, and Sime Darby Auto Selection for inventory management.

“These few key initiatives launched during the COVID-19 pandemic were key to drive business recovery and to fuel growth for the automotive industry in Malaysia. As the fastest growing online used car trading platform in Malaysia, myTukar remains committed to providing the best online experience, driving digital innovation and offering unwavering support to the used car ecosystem,” added Fong.