Kuala Lumpur, 15 January 2021 – myTukar Sdn Bhd, Malaysia’s fastest-growing online used car trading platform announced its expansion into East Malaysia with the first two myTukar inspection hubs located at Kuching, Sarawak and Kota Kinabalu, Sabah. This marks a significant milestone in myTukar’s hyper-growth journey towards transforming the used car industry in Malaysia through digitalization.
Sales of used cars have been on a positive growth especially during Q3 of 2020, despite the ongoing pandemic. According to MAA (Malaysian Automotive Association), used car sales grew by 100% 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.
Fong Hon Sum, CEO of myTukar said, “With the increased demand for used cars nationwide, we have also observed an increase in online trading among East Malaysians. Currently, only an estimated 26% 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 innovative 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.”
Fong added that the ongoing 2,325km 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 multiplier effects on the economy, including the automotive market and the current estimated 369 used car dealers in both Sabah and Sarawak.
myTukar’s expansion into Sabah and Sarawak is aligned to the Company’s growth plans for 2021, and will greatly 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. 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 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 prestigious ISO 9001:2015 Certification for Quality Management Systems.