Online used car trading platform, myTukar announced the expansion of their business to East Malaysia with the first two inspection hubs located at Kuching, Sarawak and Kota Kinabalu, Sabah.
According to the Malaysian Automotive Association (MAA), used car sales grew by 100 percent in the first six months of 2020.
The blanket loan moratorium, consumers turning to private car ownership, and other government financial incentives have helped increase sales throughout 2020.
“We have also observed an increase in online trading among East Malaysians due to the increased demand for used cars nationwide,”
“myTukar’s platform can help to increase sales for the dealers through a speedy, efficient, and cost-effective ecosystem whilst providing the needful support to used car dealers in East Malaysia,” said myTukar’s Chief Executive Officer (CEO), Fong Hon Sum.
Currently, only an estimated 26 percent of used car dealers in East Malaysia are conducting their transactions online.
Fong added that the Pan Borneo Highway expected to complete in 2023 will accommodate 3.74 million people. This mega project will surely contribute to the current automotive market and subsequently affect the used care industry in Sabah and Sarawak.
Recently, myTukar’s extensive 2,000-strong dealership network has transacted over 27,000 vehicles with an estimated value of RM805 million.
This marks a remarkable milestone in myTukar’s journey by utilising digitalisation to transform the used car industry in Malaysia.