The group said it intends to leverage its market-leading scale to accelerate its financing, insurance, aftersales, and other ancillary services.
PETALING JAYA: Online used-car platform Carsome Group Inc is optimistic about its new financing partnerships with AmBank Group, Malayan Banking Bhd
and others, which will provide over RM200mil in new working capital to support its expansion plans.
In a statement, the group, which is South-East Asia’s largest integrated car eCommerce platform operator, said it intends to leverage its market-leading scale to accelerate its financing, insurance, aftersales, and other ancillary services, aiming to provide dealers and customers with a comprehensive one-stop solution.
Its co-founder Eric Cheng said with the funds, Carsome would continue to ramp up its ancillary business, including Carsome Capital, its financial arm offering financing solutions for retail customers and used car dealers, and would explore opportunities to expand its ancillary offerings.
He said the group had achieved a non-performing loan level of below 2% for the retail segment and 0.1% for wholesale, thanks to its robust in-house origination and underwriting capabilities.
