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亚马逊云账号(www.2km.me)_Ecosystem play for used car site

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亚马逊云账号

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More than just offering a marketplace to transact used cars, co-founder and group chief executive officer Eric Cheng (pic) notes that the startup will also be scaling up its financing and insurance offerings to the other markets that it is in, namely, Thailand, Indonesia and Singapore, as it looks to capture more of the US$55bil (RM231.69bil) market in the region.

USED-car platform Carsome is increasingly building out the different verticals on its site to further support the different stakeholders in the used car market.

More than just offering a marketplace to transact used cars, co-founder and group chief executive officer Eric Cheng notes that the startup will also be scaling up its financing and insurance offerings to the other markets that it is in, namely, Thailand, Indonesia and Singapore, as it looks to capture more of the US$55bil (RM231.69bil) market in the region.

“There is a lot of opportunity for us to innovate (in the industry). We are talking about financing, insurance, warranty, after-sales service and everything associated with every transaction that happens in the industry. We see this as not just a huge market, but it is also an opportunity for us to provide people with mobility in this region.

“We started offering financing to our customers, consumers and dealers, about three years ago in Malaysia. So we’ve built that part and built an understanding of credit (assessment) when it comes to screening our own customers. So now we are planning to scale this up to the other countries we are in,” he says at the recent MIDF Conversations series.

Notably, financial institutions typically offer loan products that cater to new car sales. This means that there is a very big underserved category of consumers who may have the capability to buy a car but do not have access to the products that would enable them to own one.Carsome

According to Cheng, Carsome currently has less than 10% market share in the region, given that the rest of the market is largely still offline.

“People are not happy with the experience (of buying a used car now). They are going to want a better experience, a better offer. So that’s why we think we have a very strong chance to capture that remaining 90%.

“We are at the forefront of the used car market (with digital).

“As much as we are a technology company, we think about what customers actually want from us, what they are looking for when it comes to the experience in the industry. That’s why instead of looking at ourself as a tech company, we look at us more as a consumer-centric company,” he adds.

Carsome is looking at a potential listing in the US next year, possibly via a merger with a special purpose acquisition company. It has been reported that it is seeking a valuation of about US$2bil (8.42bil), which would make it Malaysia’s first unicorn.

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