Carsome partners CIMB to launch digital financing solution for used car dealers

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KUALA LUMPUR (July 20): Online used car trading platform Carsome Sdn Bhd has partnered with CIMB Bank Bhd to launch a co-developed inventory financing solution for used car dealers, directly reducing processing time and minimising physical documentation via Carsome’s online platform in Malaysia.

In a statement today, Carsome said the collaboration, a first-in-market between a bank and an online used car trading platform, is expected to drive inventory volume for dealers, subsequently increasing market demand within the used car industry.

Carsome co-founder and group chief executive officer Eric Cheng said the partnership with CIMB will enable a more efficient financing option for car dealers who acquire inventory on Carsome’s platform, which in turn helps them grow their businesses.

Meanwhile, CIMB chief executive officer of group ventures and partnerships Effendy Shahul Hamid said CIMB hopes the partnership will provide more accessible and straight-through financing facilities that deliver better turnaround and enablement for dealers.

“Businesses today not only expect financial services to be available digitally, but also embedded within the platforms they transact with. This is precisely where CIMB intends to create value for Carsome and its users,” said Effendy.

In May, Carsome launched its RM55.5 million Dealer Alliance Support Program providing short-term boosts of bonus rewards and credit lines to help used car dealers rebuild their businesses and finances post-movement control order.