myTukar has appointed Jeffrey Ong as its new Chief Executive Officer (CEO) to succeed Fong Hon Sum. In June, Fong had relinquished the CEO post to assume the role of myTukar Chairman. Upon his appointment, Jeffrey is set to spearhead a new phase of growth for the digital used car platform. This includes 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.
“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,” commented Jeffrey Ong.
Jeffrey had served as the Head of Sales and Marketing and Chief Operating Officer before taking on the CEO role. Prior to joining myTukar, he spent 6 years at BMW working on corporate and financial services topics/products.
“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 said.
By leveraging on 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.
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.”
In its expansion plans, myTukar looks to take advantage of Southeast Asia’s status as one of the world’s largest unbanked population. This presents an 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 wants to offer a trustworthy platform that enables cross-border purchases.
Under Jeffrey’s leadership, despite the challenging business environment brought on by the pandemic situation, myTukar has already registered 500% year-on-year growth. The company looks on track to achieve market leader status by 2022, with an estimated revenue of RM4.2 billion per year from Malaysia alone.
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. myTukar has an extensive network of over 2,200 dealerships.