As a car enthusiast, Gim Teck Yew is constantly looking into changing and with newer models entering the market more often, he found selling his old cars a hassle. Instead of suffering a loss in depreciation in his bank settlements and to avoid the hassles of finding new buyers as well as applying for new loans, he saw the appeal of a subscription programme allowing him to test different car models with less commitments.
This led to him launching Juzdrive.com in 2019 and has since achieved RM 400,000 in gross transactional value, over 3,000 users signed up and over 700 cars listed on their platform.
“I was also inspired by Sunway’s commitment in sustainable development that aims to serve the community via innovations that will enrich the latter’s livelihoods,” the Chief Executive Officer and former Sunway Iskandar employee told BusinessToday.
For renting a car, Juzdrive has four subscription options for consumers allowing them to choose from a daily, weekly, monthly or yearly subscription.
“For example, we have budget cars from RM800 a month to a 10-seater multi-purpose vehicle (MPV) from RM300 a day. For those wanting to experience luxurious cars for a day, we have the likes of Porsche, Ferrari and McLaren,” he says.
While most semi-long term options in the market come with many terms and conditions in the application process and may take considerable time for approvals, Juzdrive hopes to offer users a more convenient and seamless experience.
“It takes only two minutes for you to sign up, subscribe to a car and have it delivered to your doorstep. If users have a sudden need to leave the country or for an upgrade, they can just unsubscribe to our services.”
Users can also list their own cars for rental and will be able to draw an alternative source off income. This also seems fitting with current times as both individuals and business owners are able to utilise the platform for their own benefit.
According to Gim, tour agencies that lost revenues but have managed to ride through the tide by renting their cars via the platform to expatriates. “This has helped dealers with troubles selling unpopular car models presenting Juzdrive.com a new business model opportunity for them to explore and generate income,” Gim says.
“Our monthly subscriptions are starting to become widely received in light of fluidity seen in modern-day workplaces and lifestyles.”
“Our short-term rental saw a decline when the lockdown was implemented. In August, Malaysians were encouraged to support the local tourism sector and the Cuti-Cuti Malaysia campaign had made Malaysians go on road trips,’ Gim tells BusinessToday.
During the long public holiday weekend in conjunction with the National Day, the platform saw over 100 bookings made however short-term rental saw a drop due to travel restrictions in place.
On the positive sides, Gim says they have seen higher long-term bookings for monthly and yearly subscriptions of almost 40 percent during the period.
The platform data shows most users are expatriates working in Malaysia on a contractual basis and permanent residents of Singapore or Malaysians studying or working overseas but are back home to be close to their families.
As a new start-up, Gim and his team are seeing doubts from customers as well as hosts. He says it takes greater effort by the platform’s customer service team in convincing potential customers to take a leap and try their platform.
“Selling an established brand is significantly easier than one that no one has heard of, Having said so, I was determined in getting selected for the Sunway iLabs Super Accelerator programme as the Sunway brand sells by itself,” Gim says.
Juzdrive.com was selected as one of the top five start-ups of the programme and is now looking to have a joint package with Sunway Resort Hotel and Spa for luxury cars or MPVs as well.
“I have faith that our website and customer service will meet high standards synonymous with the Sunway brand as we have been receiving positive feedback from existing users and we will constantly improve our offerings.”
With investment from Sunway iLabs’ investment, Gim and his team are confident in achieving the next milestones for their business and expand their offerings