Digital used car platform, myTukar, today announced the appointment of its new Chief Executive Officer (CEO), Jeffrey Ong. Through the appointment, Jeffrey is set to spearhead a new phase of hypergrowth propelled by the introduction of an ASEAN pass programme, AI-driven lending metric systems, and an overall expansion into the ASEAN business space, transforming myTukar into the region’s go-to customer-centric platform.
Commenting on his personal mission statement as the new CEO, Jeffery, said, “I am honoured and excited by this opportunity to lead a high-growth company like myTukar. We want to change the way that used cars are being perceived by customers moving forward. We want them to be seen for what they truly are – reliable and more affordable alternatives that match the current economic appetite of the region’s populace. Ultimately, we hope to establish a standard of trust that will inspire customers to more readily opt for used cars when looking to purchase a vehicle.”
“The used car industry is undergoing a pivotal overhaul at the moment and myTukar is at the forefront of this transformation. We are committed to growing the used car market in Malaysia and we will carry this momentum on as we look to catalyse this same growth at a regional level. Going forward, we aim to venture beyond Malaysia and develop an integrated regional automotive mobility ecosystem that will result in an enhanced buying experience not only Malaysian customers but also, our Southeast Asian neighbours.”
He further added “We want to solidify myTukar as the go-to digital platform for used cars, creating a seamless buying and selling experience. We aim to create a space where purchasing a car is a hassle-free process, where they can rest assured knowing everything is covered, from aftersales to insurance and financial services. By enhancing our offline infrastructure alongside our centralised inventory management and logistics system, we are going to make the purchasing process for customers as easy as buying everyday items online.”
Jeffrey succeeds former CEO Fong Hon Sum, who assumed the role of myTukar Chairman in June 2021.
Elevating the Regional Presence of Local Car Dealers through the ASEAN Pass Programme
Leveraging parent company, Carro Group’s regional market presence and innovative technology, myTukar aims to onboard more used car dealers, elevating their presence regionally through its upcoming ASEAN pass programme. Utilising myTukar’s digital platform and offline infrastructure, a used car dealer based in Malaysia will be able to sell their vehicles abroad, and vice versa.
The ASEAN pass is designed primarily to further strengthen myTukar’s position as the market leader in the business-to-business (B2B) used car segment at a regional level. However, the initiative will also simultaneously introduce more quality and transparency to the purchasing journey, empowering customers in the process.
Better Financing Through a New AI-Driven Lending Metrics System
Looking to become the region’s leading player, myTukar will leverage Southeast Asia’s status as one of the world’s largest unbanked population. Because of this, there is a golden opportunity for digital financiers to offer solutions that will ensure a more seamless buying experience for both customers and merchants, including those in the used car industry.
In order to further enhance lending practices in the country, myTukar is in the midst of building a financial inclusive used car financing system that rides on AI-driven lending metrics. Aiming to become one of the largest automotive digital financiers and insurance providers, myTukar aims to offer a trustworthy platform that enables cross border purchases.
Under Jeffrey’s leadership, despite the challenging business environment brought on by the COVID-19 pandemic, myTukar has already registered 500% year-on-year growth. The Company is on track to achieve market leader status by 2022, with revenue of RM4.2 billion per year, from Malaysia alone.
Jeffery served as the Head of Sales and Marketing and Chief Operating Officer, before taking on the position as CEO. Prior to joining myTukar, Jeffrey spent six years at BMW, designing the blueprints for the Group’s financial services products across the Asia Pacific region and launching several programmes such as the BMW Group Corporate Mobility Solutions, BMW Group Private Circle Programme, and the Structured financing products (Business solutions).
myTukar is an integrated tech platform that provides a holistic user experience, from end to end, covering all aspects of car ownership. Founded in 2017, the Company has become Malaysia’s fastest growing used car trading platform. The first within the used car industry to be awarded the ISO 9001:2015 Certification for Quality Management Systems, myTukar has grown tremendously and today has an extensive network of over 2,200 dealerships.