Local used car trading platform, MyTukar, has partnered with CapBay, a supply chain financing and P2P platform, to offer financing to used car dealers. This partnership has allocated a total of RM300 million for th financing initiative. The MyTukar Dynamic Dealership Programme is an integrated one-click dealership financing programme that provides a hassle-free experience for all MyTukar’s authorised dealerships in Malaysia.
By offering a comprehensive financial services facility, MyTukar authorised dealers gain an effective and convenient one-stop-solution to operate and grow their dealership business. CapBay’s technical expertise in executing end-to-end digitization and automating financing processes further enable the online used car bidding platform to effectively drive its Dealer Management System.
“We are pleased to introduce MyTukar Dynamic Dealership Programme, our new dealership financial services to support our 1,900 nationwide authorised dealers with a convenient and integrated purchasing experience. We believe that this programme will further strengthen our dealership ecosystem while supporting our authorised dealers’ used car business through this challenging time,” said Fong Hon Sum, CEO of MyTukar.com Malaysia.
“Our priority at this point of time is to support our authorised dealers in reducing financial impact and business risks. Through MyTukar.com, we aim to simplify the process of selling pre-owned cars through digitalisation and to serve our customers with better transparency through an efficient online Car Selling platform,” he added.
Fong who has experience in the used car dealer business shared, “With the addition of CapBay’s broad range of financial facilities to the programme, authorised dealers will receive a RM100,000 pre-approved revolving credit line to purchase cars from our platform and up to RM500,000 revolving facilities for inventory management, trade financing, and working capital. This enables MyTukar’s authorised dealerships to better manage their cash flow by giving a higher margin of finance for all drawdowns.”
“At CapBay, we put a strong emphasis on technology because we want to provide a hassle-free digital financing experience for our customers and our partner MyTukar shares that vision. Through this initiative, we hope to help kickstart and speed up the recovery of the used vehicle market. We are delighted that our financial solutions are able to offer support within minutes to pre-approved car dealers who are facing cash flow pressure through these uncertain times and also present them with an opportunity to grow their dealership,” said Ang Xing Xian, co-founder of CapBay.
The revolving facilities will enable MyTukar’s authorised dealers to procure vehicles and list it on MyTukar’s online car bidding platform to fetch a higher price for their inventory. The new MyTukar Dynamic Dealership Programme offers hassle-free financing within seconds to further complement the car purchasing experience on MyTukar’s platform. Dealers can pay the financing margin balance using this facility. In short, authorised dealers can receive short-term financing without the cash outlay for purchases and free up cash flow for other investments or business opportunities.
CapBay has started accepting financing applications from MyTukar auto dealers since 1 June 2020.