SOUTH-EAST Asia’s affinity for the motorcycle is not fading any time soon. The region, known for its high rates of motorcycle ownership, is expected to see the market reach US$32.94bil in revenue this year and grow at an annual rate of 2.84% hereon until 2029, according to data-gathering platform Statista.
“The beauty of the motorcycle is that it has in a sense come to represent the backbone of many economies, especially emerging markets,” says Gil Carmo, co-founder and CEO of iMotorbike.
He adds that motorcycles have long served as an accessible, nimble and cost-efficient option for many households, making them an integral part of fuelling the growth of economies such as Vietnam, Indonesia, India and Malaysia.
“Interestingly, you have countries like Taiwan that have developed to a considerably high level, but the predominant vehicle is still motorcycles,” he adds.
“They stay attached to it because it’s a vehicle that not only enables your day-to-day life, but brings a form of freedom and enjoyment, while being more cost-effective and environmentally-friendly.”
He predicts that the global motorcycle sector will experience continued growth for several years, which will have a significant impact on the secondhand motorcycle market.
Addressing this demand is iMotorbike, a leading platform in South-East Asia for buying and selling pre-owned motorcycles. Founded by Carmo and Sharmeen Looi, the business aims to provide users a secure and fast experience that encompasses vehicle inspection, nationwide delivery, money-back guarantee and services such as insurance, road tax, extended warranty and financing.
The company operates in Malaysia and Vietnam, with headquarters in Singapore.
“As far as we know, iMotorbike trades the most pre-owned motorcycles in South-East Asia,” Carmo says.
He says that the company recently reached its 10,000th customer and achieved a total revenue of US$10mil.
Last year, iMotorbike opened a three-storey, 46,806 sq ft showroom in Glenmarie, Shah Alam, capable of housing up to 1,500 motorcycles. The business has been growing rapidly, with plans to expand to more cities in Malaysia and abroad.
“It’s very exciting and humbling,” he reflects. “I believe that the better you serve people, the more recognition you get. I don’t think what we’re doing is rocket science, we just try to be really good at what we do.”
iMotorbike started out in 2016 as a motorcycle classified website, before pivoting its business model in 2021 to trading pre-owned bikes and supporting buying and selling.
“It was very loved as a classifieds platform, and we had millions of people using it across countries, but it was extremely hard to monetise,” Carmo recalls.
He explains that owning the full vertical end-to-end process now allows the business to hone in on the problems of buyers and sellers. iMotorbike’s key features include a comprehensive 170-point inspection for each motorcycle, a six-day return policy and a six-month warranty.
“Our own mechanics refurbish the motorcycles, ensuring that safety comes first,” he adds. “We’re there to shave off the pain points.”
Carmo notes that quality, convenience and price are key considerations in meeting customer expectations.
“We have a massive variety, from the lowest to the highest price range; from the daily commuter to the weekend fun ride,” he says. “We’re also expanding geographically so that we’re closer to more people, and we have towing facilities.”
Additionally, the business assists with loan applications and insurance, taking care of the paperwork and further simplifying the buying process.
Above all, Carmo says providing customers assurance, safety and peace of mind is essential. “If there’s one thing that makes people run away, it is a lack of trust,” he stresses.
“In South-East Asia, it can take an average person seven salaries out of a year to fully pay for a motorcycle,” he says. “That tells us how important it is that people know their purchase made with their hard-earned money will be protected, and that we will be here if anything goes wrong.”
For Carmo, one of the main challenges of managing a business like iMotorbike is the enormous complexity involved.
“Every single bike here is a different model and year, with a different mileage,” he adds. “Each one has been differently maintained by its previous owner. There are so many variables and risks to analyse.”
Beyond this, there is also the growing difficulty of managing delivery logistics, various teams and departments, and training and automation processes as the company seeks to rapidly expand.
According to Carmo, iMotorbike’s focus this year is to cement its presence in Penang and Johor.
“We want to reach the same level as in Kuala Lumpur. We are also seeking a more prominent position in Vietnam, which holds 70 million motorcycles – six- to seven-fold what Malaysia has,” he shares.
“This is another challenge – how to ensure the same level of quality, integrity and customer experience. That will be the fun part of the puzzle.”
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