MyTukar teams up with CapBay to provide RM300million financing scheme to support 1,900 used car dealers
MyTukar, the fastest growing used car trading platform has teamed up with Malaysia’s leading Supply Chain Financing and P2P platform, CapBay to offer a seamless integrated one-click financing programme for used car dealers – the MyTukar Dynamic Dealership Programme. This innovative dealership financial services programme aims to provide a hassle-free financing experience for all their authorised dealerships in Malaysia, with a total financing of up to RM300 million. CapBay’s strong technological expertise in executing end to end digitization and automation of financing processes enables the online car bidding platform to effectively drive its Dealer Management System. This in turn allows MyTukar to support used car dealers with a comprehensive financial ecosystem.
“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.
He added, “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.”
The MyTukar Dynamic Dealership Programme is a comprehensive financial services facility that provides MyTukar authorised dealers with an effective and convenient ‘one-stop-solution’ to operate and grow their dealership business. 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 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 inventories. 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 for the financing margin balance using this facility. In other words, authorised dealers can receive short-term financing without 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. For more information, please visit: www.capbay.com/mytukar. To sign up for MyTukar’s exclusive dealership program, please visit mytukar.com/dealership-program.
MyTukar is Malaysia’s fastest growing used car trading platform. The Company’s mission is to simplify the process of selling pre-owned, used cars through digitalisation. The myTukar.com platform aims to be the trusted, transparent, effective and efficient online Car Selling platform. Owners can now sell their cars in just three convenient steps: Make an inspection appointment; Live bidding & offer acceptance and Receive payment within 24 hours. With a 1,900-strong dealership network nationwide, myTukar.com offers speed, convenience and a hassle-free experience. To-date, myTukar’s eight inspection centers that are open 7 days a week have successfully transacted over 19,000 cars worth over RM700 million in total value. Plans are in place to increase more centres to serve the growing number of customers throughout the nation.
For more information, please visit myTukar.com or call +603 5569 0999.
CapBay (formerly known as CapitalBay) is an award-winning Multi-Bank Supply Chain Finance and Peer-to-Peer (P2P) Financing platform that help SMEs grow and unlock cash flow trapped in their supply chain by providing financing solutions. Through our proprietary credit-decisioning model, businesses of all sizes can obtain short-term financing while banks and investors can participate in high-quality financing deals. For more information on CapBay, please, visit capbay.com.