Tag: Carsome

Singapore – CARSOME Group has announced a multi-year collaboration to fuel CARSOME’s continued expansion and growth in the markets where it operates. With Google Cloud as its new preferred cloud provider, CARSOME aims to deliver more dynamic and differentiated car transaction and ownership experiences to drive its next phase of growth.

Said collaboration will use Google Cloud’s industry-leading platform services across modern infrastructure, cybersecurity, data analytics, and generative AI (GenAI) to further enhance the car transaction and ownership experience for consumers and used car dealers, thereby solidifying CARSOME’s position as a leading integrated car e-commerce platform in Southeast Asia.

The transition to a modern infrastructure cloud will ultimately increase the scale and velocity at which CARSOME delivers new and enhanced services through its digital applications (e.g., the CARSOME consumer app, CARSOME CARagent, CARSOME CARdealer), refurbishment facilities, inspection centers, and experience centers to better serve used car buyers, sellers, and dealers. 

To strengthen its security posture, uphold compliance requirements, and reinforce customer trust, CARSOME is leveraging Google Cloud’s built-in data access controls and Security Command Center for advanced threat detection and response across its consolidated cloud systems.

In addition to accelerated software development cycles and projected cost savings, CARSOME’s move to Google Cloud will give its teams access to granular insights that enable improved business decision-making and hyper-personalised customer engagement. This is the result of CARSOME’s first-party data being warehoused on Google Cloud’s BigQuery platform, integrated with Google Cloud’s Looker platform for business intelligence and Google Marketing Platform.

Through native integrations between BigQuery and Google Cloud’s Vertex AI platform, CARSOME can centrally process and stream data in all formats (i.e., structured and unstructured) to enhance the performance of its existing AI applications.

Kjetil Rohde Jakobsen, group chief technology officer at CARSOME Group, said, “At CARSOME, we’ve been digitising the used car industry with the help of advanced technologies since 2015. With our business continuing to experience significant growth, we saw an opportunity to strengthen our digital foundation to better support our expanding operations and drive even greater efficiencies.”

He added, “Shifting from a multicloud environment to Google Cloud not only helps us realise cost savings due to its infrastructure’s better price-performance; it also allows us to access secure-by-design, full stack capabilities across data analytics and AI. This will enable our teams to deliver more dynamic and differentiated solutions and experiences for CARSOME customers and partners across the region, from car listings and discovery, to financing and transacting, to after-sales support.”

CARSOME is also taking advantage of BigQuery and Vertex AI Agent Builder to embed semantic search capabilities into its internal tools. This will enable employees across departments and functions to intuitively extract relevant information from CARSOME’s vast and continuously expanding enterprise knowledge base. With GenAI turning information retrieval tasks that take hours into quick searches or conversational exploration, marketing and product teams, for instance, can more easily create educational content and enhanced solutions to address the evolving needs of car buyers and sellers.

Meanwhile, Yash Thakker, director of solutions consulting for Asia-Pacific at Searce, commented, “We’re proud to be facilitating CARSOME’s cloud consolidation, which will optimise its cloud spend by as much as 30%. These cost savings can then be redeployed toward other strategic innovation initiatives that deliver top-line growth for the business, such as the potential development of next-generation conversational AI agents that autonomously and effectively handle common customer queries for relevant information, freeing up CARSOME’s customer support staff to address more complex issues. With a full team of certified in-house experts, Searce is well-positioned to support companies’ full-scale infrastructure migration to Google Cloud and the technical implementation of cutting-edge Google Cloud AI solutions.”

Lastly, Serene Sia, country director of Malaysia and Singapore at Google Cloud, stated, “By running its business on fully managed Google Cloud infrastructure that scales reliably to handle the increasing performance needs of any application, CARSOME can expand its operations with confidence, from increasing its penetration in existing markets, to expanding its inventory of pre-owned vehicles, to streamlining the movement of vehicles between inspection centers, refurbishment facilities, and customers. Together with Searce, we look forward to completing CARSOME’s cloud consolidation and advancing its innovation roadmap, which includes harnessing GenAI and agentic AI to create more personalised and seamless car transaction and ownership experiences, delivering new engines of growth for its business.”

Kuala Lumpur, Malaysia – CARSOME Group and the Japan Consumer Credit Service (JACCS), which is also a member of the Mitsubishi UFJ Financial Group, have announced a strategic partnership via CARSOME Capital, the financing arm of CARSOME. 

The partnership will combine JACCS’ longstanding expertise and international resources with CARSOME Capital’s ecosystem and local know-how, in order to introduce tailored financing solutions in Malaysia, with an emphasis on under-served segments.

As part of this strategic partnership, JACCS will invest into CARSOME Capital and will own a 49% stake. CARSOME Group will continue to hold a majority 51% stake.

The partnership will also facilitate knowledge transfer to optimise risk assessments, enhance credit governance, and implement best practices that strengthen financial sustainability and portfolio performance.

Eric Cheng, co-founder and CEO at CARSOME Group, said, “CARSOME is honored to partner with JACCS, a global consumer finance company, as they mark their strategic entry into Malaysia through our partnership. By combining JACCS’s extensive expertise with CARSOME’s ecosystem, we aim to redefine the mobility financing experience, empowering communities and driving economic growth across the region.”

Meanwhile, Nicholas Wong, managing director at CARSOME Capital Malaysia, commented, “This collaboration allows us to continue serving unserved and underserved markets here in Malaysia, a segment that has always been at the heart of what we do. We are excited to work with JACCS to introduce additional capabilities and technologies, such as AI-driven credit assessments, to expand access to financing to dealers who purchase wholesale inventory from us to sustain their business, as well as end-customers who put their trust in our vehicles.”

Lastly, Ryo Murakami, president and representative director at JACCS, stated, “We have carefully evaluated the automotive and financing landscape across Southeast Asia, and are excited about the long-term growth potential in this region. We believe CARSOME is an ideal partner for us with the potential to drive growth and transformation in the region, starting with Malaysia, and then to other Southeast Asian markets. Our investment in CARSOME Capital underscores our confidence in this partnership and our commitment to creating long-term value in the automotive financing industry.”

Petaling Jaya, Malaysia – CARSOME and Petronas AutoExpert have formed a strategic partnership to enhance aftersales service offerings for customers across Malaysia. This collaboration highlights both companies’ commitment to building an integrated automotive ecosystem that goes beyond car sales to include comprehensive aftersales support.

The partnership designates PETRONAS AutoExpert as CARSOME’s Official Panel Workshop, with CARSOME providing training, internships, and workforce supply to support the expansion of existing and future service centres. 

Additionally, CARSOME Academy, the Group’s accredited automotive training institution, will collaborate with PETRONAS AutoExpert outlets under Sijil Kemahiran Malaysia (SKM) TVET Apprenticeship Program. Together, they certify technicians in compliance with Malaysian Standards, focusing on upskilling and reskilling the current workforce to drive sustainable growth and meet the evolving needs of the industry.

In the first phase, the partnership will introduce services at 15 PETRONAS AutoExpert locations beginning 13 January 2025, complementing CARSOME’s existing service centers in Ampang and Petaling Jaya. From the launch date onwards, customers will be able to place bookings at these 15 outlets in addition to CARSOME’s centres through CARSOME’s app or website. 

This strategic move not only enhances service accessibility but also enables both companies to explore new market segments and expand their service offerings, further strengthening their market presence in the automotive industry. 

Additionally, CARSOME will establish new inspection points at selected PETRONAS AutoExpert locations in January 2025, allowing customers to conveniently schedule these services through CARSOME’s online platforms when a CARSOME inspection centre is unavailable nearby. PETRONAS AutoExpert Operators would also benefit from this additional service offering, creating a new revenue stream and enhancing their traditional business model.

To mark this partnership, a Memorandum of Understanding (MOU) was signed recently by Encik Mohd Zameer B Zahur Hussain, chief executive officer at PETRONAS Lubricants Marketing Malaysia Sdn Bhd (PLMM), and Chris Ang, CARSOME Malaysia’s managing director at CARSOME’s PJ Automall. The signing was witnessed by Chong Wen Hong, general manager sales highstreet of PLMM, and Eric Chan, CARSOME Group’s president and chief operating officer. 

Hussain said, “This strategic partnership represents a pivotal milestone for both PETRONAS AutoExpert and CARSOME, which reinforces our commitment to make our customers’ everyday lives simpler and better. This collaboration is more than just a business move – it is a promise to elevate the automotive service experience to new heights. By combining our expertise, we are poised to deliver an unprecedented level of service, convenience, and value-added benefits, ensuring that every customer receives reliable service, genuine care and a peace of mind.”

Meanwhile, Cheng commented, “By providing comprehensive aftersales services and additional inspection points at selected PETRONAS AutoExpert locations, we ensure our customers receive continued support long after the purchase.”

He added, “This partnership offers convenience and peace of mind, as they can access high-quality maintenance services and vehicle inspections nationwide. It underscores our commitment to delivering a seamless, worry-free car ownership experience, making it easier for our customers to keep their vehicles in top condition and enjoy the full benefits of our integrated ecosystem.”

Kuala Lumpur, Malaysia – CARSOME has announced that it has secured RM100m in financing facility from AmBank Group to bolster capacity for future growth. The company’s end-to-end ecosystem has significantly expanded through its comprehensive suite of services, including car inspections, sales, financing, and after-sales support.

The RM100 million financing facility secured from AmBank Group will empower CARSOME, significantly enhancing its capacity to grow and innovate. This substantial funding will enable CARSOME to extend its reach, enhance its services, and drive sustained growth, reinforcing its commitment to delivering exceptional value across all facets of its operations.

With AmBank’s support, CARSOME will be able to further accelerate different stages of the used car trading process, offering a comprehensive, hassle-free experience to its customers. AmBank’s commitment to supporting CARSOME underscores the bank’s dedication to fostering the growth of forward-thinking businesses and driving the evolution of the automotive industry in the region.

Eric Cheng, co-founder, chairman, and CEO at CARSOME Group said, “We are thrilled to partner with AmBank, marking a pivotal moment in our journey to revolutionize the automotive industry. A financing facility at this scale is a strong validation of CARSOME’s business model and allows us to enhance CARSOME Group’s overall financing capabilities.”

He addded, “It also underscores our commitment to providing accessible solutions for our customers and elevating the car ownership experience. Through CARSOME Capital, we will leverage this partnership to further expand our service offerings, broadening our impact and continuing to innovate in the automotive ecosystem across Southeast Asia.”

Meanwhile, Christopher Yap, managing director of business banking at AmBank Group, commented, “AmBank is pleased to support CARSOME’s remarkable growth and innovation in providing end-to-end solutions for customers. Their exemplary track record in the used car market makes us proud to partner with them in revolutionising Malaysia’s automotive ecosystem. With their strong brand equity, financial standing, and extensive customer base, we look forward to seeing how this collaboration can further fortify CARSOME Capital’s operations and prospects. We hope to continue to expand opportunities with CARSOME in the coming years.”

The new funding follows a recent partnership of the company with NETA to foray into the sales of new cars, as well as closing a funding round which brought the group’s liquidity position to approximately US$200m. 

Kuala Lumpur, Malaysia – Regional car e-commerce platform CARSOME, known for its sales of used cars, has announced its foray into the sale of new cars via a partnership with NETA Auto Malaysia, establishing them as the official trade-in partner for the EV brand in Malaysia. They are also listing the new NETA X Electric Vehicle (EV).

This collaboration marks a significant milestone for CARSOME as it expands its ecosystem to include new car sales, reflecting its commitment to diversifying its offerings and enhancing the car-buying experience for customers.

As part of the collaboration, NETA will be able to complement its existing dealers’ network by leveraging CARSOME’s extensive online platform and customer base, allowing NETA to strengthen its digital footprint.

The MOU was signed by NETA’s Exclusive Distributor, Intro Synergy Sdn Bhd’s (ISSB) Chief Executive Officer (CEO), Farok Maasom, and CARSOME’s Group President and Chief Operating Officer (COO), Eric Chan, witnessed by Dato’ SM Azli SM Nasimuddin Kamal, the Executive Chairman of ISSB and CARSOME Co-founder, Chairman, and Group CEO, Eric Cheng.

Eric Cheng, co-founder, chairman, and group CEO at CARSOME, said, “With the NETA X EV listing on our platform and the partnership with NETA, CARSOME is making a strategic entry into the EV and new car market, underscoring our commitment to providing sustainable and innovative automotive solutions.”

He added, “By partnering with NETA, we can cater to a new segment of buyers looking for high-quality, sustainable transportation options. This partnership not only diversifies our offerings but also enhances the car-buying experience, offering exclusive deals and comprehensive trade-in options that meet the evolving needs of our customers.”

Meanwhile, Dato SM Azli, chairman at Intro Synergy Sdn Bhd, commented, “We are thrilled to collaborate with CARSOME, a leader in the car e-commerce space. This partnership allows us to reach a broader audience and offer our innovative NETA X EV to a new segment of environmentally conscious customers. With CARSOME’s robust online platform and extensive customer base, we are confident that this collaboration will significantly enhance our market presence and drive the adoption of electric vehicles in Malaysia.”

Customers can explore the new NETA X model through CARSOME’s online platform and app, where they can place bookings seamlessly. Additionally, they can visit CARSOME’s PJ Automall, where dedicated NETA customer consultants will assist them throughout their purchase journey. This weekend, visitors to the Autofair in PJ Automall will have the opportunity to view NETA’s range of EVs up close, including the flagship NETA V, NETA X, and NETA GT models.

Petaling Jaya, Malaysia – Carsome has announced that Eric Chan, most recently the regional managing director at Jardine Cycle & Carriage, will assume the roles of group president and group chief operating officer for the company. In his new roles, Chan will oversee all operations across the Group’s footprint in Southeast Asia.

He brings with with nearly three decades of extensive operational experience in the automotive sector, and his appointment underlines Carsome’s strategic direction toward bolstering operational efficiencies and sustainable growth.

Chan began his career from the ground up as a car sales professional and advanced to managing director at Cycle & Carriage Singapore, in addition to other notable roles. His corporate and board experience includes Chairmanship of the Cycle & Carriage Bintang board and Commissioner on the Board of PT Tunas Ridean TBK (Tunas Group). 

He also currently serves as an independent director at AcroMeta Group, an investment holding company listed on the Singapore Stock Exchange.

Speaking on his new role, Chan said, “Together with the passionate team, I am committed to building on the Company’s legacy and pushing the boundaries of what we can achieve in the industry. It is about strategic innovation, collaboration, and delivering tangible value to our customers and stakeholders.”

As part of his appointment, Carsome has also announced that Aaron Kee, who previously held the position of COO, will assume the role of group chief business officer (CBO). As CBO, Aaron will drive the integration of strategies within the Carsome ecosystem, lead business development, and focus on identifying and nurturing new prospects beyond Carsome’s core business segments.

Meanwhile, Juliet Zhu, who has significantly contributed to Carsome’s success journey, will transition from her role as president and assume the position of advisor to the management team, allowing Carsome to continue drawing upon her insights and experience.

Eric Cheng, co-founder and CEO of Carsome, said, “Our leadership transition is a conscious move to capitalise on our team’s deep strengths against our ambitious objectives. The leadership changes are timely and align with the company’s trajectory toward sustained growth and market leadership.”

He added, “Chan’s notable career in automotive leadership, particularly his work at Jardine Cycle & Carriage, makes the industry veteran a valued addition to our Carsome family. His innovative approach and commitment to excellence are perfectly aligned with our mission to revolutionise the automotive sector, and we look forward to his leadership in steering Carsome’s regional operational strategies.”

Singapore – Regional integrated car e-commerce platform Carsome has recently closed its newest funding round, bringing the group’s liquidity position to approximately US$200 million. Said funding will help fuel the company’s goal of establishing an integrated car ownership ecosystem to elevate the customer’s experience in their entire ownership journey.

The car e-commerce platform hit an operational profitability milestone for the first time in 2022 on the back of significant growth in trade margin, which doubled compared to the same period last year. Moreover, a large chunk of its trade margin came from transaction margins, leaving a huge potential upside for ancillary revenue, especially given its increasing focus on ecosystem offerings, including financing, insurance, and aftersales.

Carsome also owns a large auto digital audience footprint of more than 15 million monthly active users through its content and media ecosystem, including the brands under iCar Asia and Wapcar. In addition to achieving over 30% growth in revenue and reaching profitability as independent business units of the group, Carsome’s ecosystem companies have also contributed to a 60% reduction in the group’s customer acquisition cost.

Eric Cheng, co-founder and group CEO at Carsome Group, said, “We have spent the last eight years building a more trusted way for customers to transact within Southeast Asia’s used car industry. Our comfortable liquidity position and strong backing from both existing and new investors place us on solid footing to deliver the world’s first integrated car ownership ecosystem, going beyond just buying and selling cars to include ancillary services across the whole ownership lifecycle. I wish to thank all our investors for their continued confidence in our vision and capabilities as we steer the company toward profitability as a group.”

Said funding round saw broad-based participation from CARSOME’s existing investors, including 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, Asia Partners, and more recently growth-stage debt financing platform EvolutionX.

Meanwhile, Juliet Zhu, group president and chief financial officer at Carsome Group, commented, “We are delighted to have our new investor EvolutionX joining us at this stage of our growth. Profitability is just one of the milestones in our long-term capital planning, and we will continue to invite the right partners who can add strategic value at different stages of our growth.”

Malaysia – Car e-commerce platform Carsome has started its workforce reduction across all operations in SEA. The move will impact a number of employees, who will receive their full severance package and extended health benefits until the end of the year, as per Carsome.

In a report made by Tech Wire Asia, Carsome stated that it will now be focusing on enhancing productivity by aligning resources with contributions to the bottom line and enforcing stricter performance management, which is part of employee base optimisation.

Moreover, the same report said that the layoffs follow Carsome’s announcement of its group-wide accelerated profitability plan to achieve its target of positive EBITDA within the next few quarters. 

In a statement, Carsome said, “This plan includes accelerating its integration with the newly-acquired iCar and WapCar ecosystem of companies, as well as employee base optimization, and automation of processes to further increase group efficiency.”

Kuala Lumpur, Malaysia – AirAsia Academy, RedBeat Capital’s education arm under Capital A Berhad has recently joined forces with Malaysia’s automotive marketplace and tech unicorn Carsome to develop in-demand marketable tech skills for underprivileged women through #RatuTech. The campaign aims to encourage women to not only develop marketable skills but also to expand their economic opportunities, participate in decision-making, network, grow as individuals, and simply have fun with technology.

To commemorate the partnership, Tony Fernandes, CEO of Capital A and Co-Founder and Group CEO of Carsome, Eric Cheng, met at Carsome’s Headquarters in Petaling Jaya. 

Cheng said that Carsome’s journey from only a lean team of five which has now expanded to become Southeast Asia’s largest car e-commerce platform was inspired by entrepreneurial stories and figures the founders respect like Tony. They also discussed ways to expand collaboration between the two digital platforms through #RatuTech.

Cheng added, “As one of the fastest growing tech companies in the Southeast Asian region, Carsome understands the shortage of tech talent to fill the growing demand for STEM jobs. We are happy to support AirAsia Academy’s efforts to expand the digital talent pool by helping women gain access to education, training, or networks that can make a career in technology possible. We are actively exploring creating job opportunities for the graduates of RatuTech, as we are confident that they will be capable and competent after taking Academy’s digital courses.”

The group of female students are part of the 200 women from underprivileged backgrounds, especially those in the B40 income group, taking digital fundamental courses including Data Analytics, Digital Marketing, Cybersecurity, Cloud Infrastructure, and Software Engineering, in hopes of becoming data analysts, digital marketers, cloud experts, and cyber security specialists. Some of the other sponsors include the Sarawak Digital Economy Corporation (SDEC), the Sabah Creative Economy and Innovation Centre (SCENIC), Google Cloud as well as Yayasan Peneraju.

Fernandes commented, “AirAsia Academy’s vision of making education accessible, affordable and inclusive is very much in line with Capital A’s mission of serving the underserved and democratising our services for all. We are excited that Malaysia’s leading tech player Carsome has put faith behind our digital edutech platform and joined in our efforts to educate and cultivate the next generation of female tech talents, and also creating job placement opportunities.”

Meanwhile, Aireen Omar, President (Ventures) Capital A and CEO of AirAsia Academy, said, “We are grateful that Carsome is lending their support to our initiatives of addressing the underrepresentation of women in tech, and are confident that they can add value to their future company of employment. It’s inspiring that the women we are training as part of this campaign come from all walks of life, with great stories of overcoming personal and circumstantial struggles.”

“We have a stay-at-home mum who’s being upskilled to learn to grow her business and get into a new career to fund her business, along with a hearing impaired student who is learning to rise beyond her physical challenges to develop in-demand marketable digital skills,” Omar adds.

Kuala Lumpur, Malaysia – Car e-commerce platform Carsome has announced the acquisition of the businesses of WapCar and AutoFun. Upon the completion of the acquisition, Carsome set up the parent company, WapCar AutoFun Sdn Bhd (WapCar), as a fully-owned subsidiary of the Carsome group in Malaysia.

WapCar first established its first flagship brands, WapCar and AutoFun in 2019. Today, it operates a number of automotive content websites and social media channels across Malaysia, Indonesia, Thailand, Philippines and Vietnam. WapCar provides a full range of content which covers car exploration, transaction, and ownership experiences, using industry-leading technology to help customers in Southeast Asia find their perfect car and immerse themselves in all things related to automotive. 

The platform also produces, distributes and manages highly-engaging professionally generated content (PGC) and user generated content (UGC) at scale.

According to Eric Cheng, co-founder and group CEO at Carsome, WapCar has built a strong automotive content strategy in Southeast Asia, liked by a large and engaging customer base. He added that the partnership will enable Carsome to capture and serve customers from their early stage of car exploration and bring a more engaging and fun experience to the car transaction and ownership journey.

“We are thrilled to announce the partnership with WapCar and a team with seasoned expertise in the content space. We believe our collaboration through content, technology and data will augment our ability to bring trust, transparency and choice to customers together,” he said.

Meanwhile, Sting Peng, general manager at WapCar, commented, “We are excited to work with Carsome to collectively provide a smooth car buying and selling experience to millions of WapCar users on our platform across the region, as well as an end-to-end solution in their car transaction and ownership journey.”