- Expansion plan includes opening of seven new branches in 2020
- To-date, myTukar’s extensive 2,000 strong dealerships network has transacted over 23,000 vehicles with an estimated value of RM750 million
- Nationwide expansion expected to increase myTukar’s market share to 15% from current 10%
Kuala Lumpur, 30 October 2020 – myTukar Sdn Bhd, Malaysia’s fastest growing online used car trading platform is poised for hyper-growth following the recent opening of three new branches in Malacca, Penang and Ipoh in September, with another four more branches targeted for Q4 of 2020, bringing the total branches nationwide to sixteen. The ambitious growth trajectory is supported by CARRO, a Singapore-based Southeast Asian (SEA) technology-enabled automotive marketplace in September 2019.
The innovative technology-enabled platform which began operations in 2018 has been on an aggressive business growth strategy to serve the used car industry through digitalisation of purchasing process. To-date, myTukar’s extensive 2,000 strong dealerships network has transacted over 23,000 vehicles with an estimated value of RM750 million.
The additional four more branches targeted to open in Q4 includes a second Johor Bahru 29,000 square feet branch, which will also be myTukar’s Southern Logistics hub and a major hub for car inspection. Other branches are in second cities within Peninsular Malaysia namely Kuantan, Batu Pahat and Seremban. Current branches of myTukar are located at Glenmarie, Puchong (Central Logistics Hub & Puchong 2nd Branch), Selayang, USJ (Central Logistics Hub with a space of 40,000 square feet), Cheras, Klang, Kajang and Johor Bahru; joined by the recent three new openings at Malacca, Penang and Ipoh. Each new myTukar branch can accommodate up to three cars at any given time and are equipped with basic amenities such as free WiFi, refreshments and a comfortable waiting lounge. Each branch is well-staked with qualified and professional inspectors to provide comprehensive 158-point inspection and evaluation within 30 minutes or less. When in full operations, these sixteen branches will be able to serve up to 300 cars per day.
Fong Hon Sum, CEO of myTukar said, “The opening of multiple new branches is the most significant milestone for myTukar since we began operations in 2018. We are driven by our mission to digitalise and transform the traditional way of selling used cars. And I am proud to say that myTukar was built by the people in the used car industry, to empower and support other used car dealers using technology. With the opening of new branches in 2020, we are committed to expand our customer touchpoints for an unrivalled car selling experience. More branches are already on the horizon to cover more cities in Malaysia by 2021. This nationwide expansion strategy is aligned to and complements CARRO Group’s strategy to continuously expand and digitalise car trading for the South East Asia Region. CARRO Group is SouthEast Asia’s largest car marketplace and currently has presence in Singapore, Thailand, Indonesia and Malaysia.”
Fong, who has chalked up over 20 years of experience in the used car industry is genuine and sincere in bringing positive changes, technological improvements and transparency to the industry. His deep knowledge of the inner workings within the industry have to-date brought together over 2,000 dealerships in which myTukar works in partnership to support their needs.
Other hyper growth initiatives that myTukar has embarked on are partnerships and strategic collaborations over the last two years. In June 2020, the myTukar Dynamic Dealership Programme was launched; an innovative financing scheme in collaboration with CapBay. The RM300 million scheme will support used car dealers in Malaysia with a convenient and integrated purchasing experience. Then a month later, myTukar sealed a first-of-its-kind collaboration with SISMA Auto Glenmarie SELEKT Center where its trusted and transparent platform ensures SISMA Auto’s customers obtain the best price through a fully digital process that allows customers to bypass a third party. The latest collaboration for myTukar is a platform integration with Sime Darby Auto Selection to enable the company’s efficient inventory management of trade-in cars as well as the transfer of knowledge by myTukar to integrate Sime Darby Auto Selection’s inspectors into the process of strengthening used car trade-in services.
“These few key initiatives launched during the Covid-19 pandemic were key to drive business recovery and to fuel growth for the automotive industry in Malaysia. As the fastest growing online used car trading platform in Malaysia, myTukar remains committed to providing the best online experience, drive digital innovation and offer unwavering support to the used car ecosystem,” added Fong.