When the government announced that the sales tax for new cars will be dropped as part of the Short Term Economic Recovery Plan, car dealerships around Malaysia did backflips of joy. The Movement Control Order due to the COVID-19 pandemic has put a halt to car sales for many months, and this government initiate will at least jumpstart the industry. All is good unless you’re a used car dealer.
In an attempt to jumpstart the used car industry, MyTukar with CapBay will be offering financing for used car dealers that will total up to RM300 million. And they will do this via the MyTukar Dynamic Dealership Programme, which is open to all 1,900 authorised dealers nationwide.
To explain the programme, Fong Sum Hon, CEO of MyTukar.com Malaysia, said, ““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”
He continues, “With the addition of CapBay’s broad range of financial facilities to the programme, authorised dealers will receive an 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.”
The co-founder of CapBay, Ang Xian Xian said, “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.”
With this programme, used car dealers will have the cash to fill up their inventories and keep their business running as usual. If you are in the used car business and want to get in on the action, you can visit capbay.com/mytukar for more information. And if you’re not part of MyTukar’s dealership program yet, you can head to mytukar.com/dealership-program.
While all of this is good for the used car dealers, how does this benefit the rest of us? Well, if you’re wanting to sell your car and you can't get a reasonable price from other places, perhaps MyTukar’s dealers can give you a better deal.