Edaran Otomobil Nasional Berhad a wholly-owned subsidiary of DRB-HICOM has made a strategic investment in Genie Malaysia, a subsidiary of Carro, Southeast Asia’s largest and most profitable online used car platform.
This follows the automotive giant’s investment in Carro’s myTukar used a car platform in 2021.
DRB said the investment is aligned with the group’s move to enhance its automotive distribution eco-system. This collaboration also unlocks valuable cross-selling opportunities for DRB-HICOM within myTukar’s dealer network, comprising over 2,600 dealers nationwide. Beginning operations only in 2021, Genie Malaysia has successfully built a loan book of nearly RM600 million comprising a highly diverse loan portfolio. With a data-centric approach, its NPL ratio has been maintained at less than 2%, better than most of Genie Malaysia’s peers and even some banks.
No investment figures were in the statement.
