Eric Cheng, CEO and Co-founder of Carsome

(Singapore, June 17, 2020) Much due to the growing demand for personal safety, the used car service industry will have more opportunities than challenges under the pandemic context, said Eric Cheng, CEO and Co-founder of Carsome, a leading online used car selling service in Southeast Asia.
“We are aware of the short-term cash crunch for everyone. However, we remain positive as more people value car ownership out of personal safety but are wary about budget control,” he said.
Cheng’s view is substantiated by the Carsome Consumer Survey conducted in April 2020, which shows an expected 76% decrease in the usage of ride-sharing services among consumers.
The respondents said they felt safer using their own vehicles and were uncomfortable sharing vehicles with strangers.
The survey also showed that some 70% of used car dealers’ businesses in Malaysia had been affected since the Covid-19 outbreak in December 2019.
Nearly 80% of the respondents saw a decrease in income. Among them, 32% reported zero income.
“Dealers expressed their need for financial support to sustain their businesses currently,” Cheng added.
As with what the survey shows, Carsome has recently launched the Carsome Dealer Alliance Support Program to create sales and growth opportunities for used car dealers through bonus rewards and credit lines.
The program, worth up to RM55.5 million, facilitates sustainable development for the company’s used car dealers by giving them more value when they purchase inventories from Carsome.
Carsome’s online used car selling services operate in Malaysia, Indonesia, Thailand, and Singapore.
It prides itself as a one-stop-shop for all car sellers.