business

MyTukar set plans to expand in East Malaysia

KUALA LUMPUR: Malaysia's online used car trading platform, myTukar Sdn Bhd aims to expand its footprint into East Malaysia with the first two myTukar inspection hubs located at Kuching, Sarawak and Kota Kinabalu, Sabah.

The company's expansion into Sabah and Sarawak is aligned to its growth plans for 2021 and will support the growing used car market there.

In October last year, myTukar announced a hyper-growth expansion plan with the opening of seven new branches in 2020, bringing the total branches nationwide to fifteen.

MyTukar chief executive officer Fong Hon Sum said with the increased demand for used cars nationwide, the company has observed an increase in online trading among East Malaysians.

Fong said currently, only an estimated 26 per cent of used car dealers in East Malaysia are conducting their transactions online.

"As MyTukar's mission is to simplify the process of selling used cars through digitalization within our online platform, we believe that it is the right time to enter the currently untapped East Malaysian market.

"The MyTukar platform is able to provide the needful support to used car dealers in East Malaysia, ultimately helping to increase sales for the dealers through a speedy, efficient and cost-effective ecosystem," he said in a statement today.

Fong also said the ongoing 2,325 kilometres Pan Borneo Highway expected to be completed in 2023 will make road travel safer and more comfortable for 3.74 million people.

"This mega-development project would have multiple effects on the economy, including the automotive market and the current estimated 369 used car dealers in both Sabah and Sarawak," he said.

Sales of used cars have been on a positive growth especially during the third quarter (Q3) 2020 despite the ongoing pandemic.

According to MAA (Malaysian Automotive Association), used car sales grew by 100 per cent in the first six months of 2020.

The blanket loan moratorium and other government financial incentives, as well as consumers turning to private car ownership to decrease time spent on public transport, have helped spur sales throughout 2020.

MyTukar has been on an aggressive business growth strategy to serve the used car industry through the digitalization of the purchasing process.

To date, MyTukar's extensive 2,000-strong dealership network has transacted over 27,000 vehicles with an estimated value of RM805 million.

In early December 2020, MyTukar became the first within the used car market in Malaysia to be awarded the ISO 9001:2015 Certification for Quality Management Systems.

Ends

Most Popular
Related Article
Says Stories