Carsome has entered a partnership with Aspirasi, the micro-financing and micro-insurance provider under Axiata Digital, to offer data-backed digital financing solutions to used car dealers in Malaysia.
Carsome, which bills itself as Southeast Asia’s largest integrated car e-commerce platform, says that the collaboration aims to elevate the used car industry by providing hassle-free and seamless financing solutions to the dealers.
The underwriting process – based on Carsome’s data in credit scoring, pricing and structured financing – requires minimal documentation which shortens approval and disbursement turnaround time. This eases the “pain points” of conventional underwriting processes, namely cumbersome documentation and a slower approval process.
According to Eric Cheng, Carsome’s co-founder and group CEO (right in the pic above, with fellow co-founder Teoh Jiun Ee), the financing solution empowers used car dealers through financial inclusion, and is estimated to benefit at least 2,500 of them on Carsome’s platform.
“Aspirasi’s financing scheme, coupled with our data capabilities, will see the enhancement of used car dealers’ financing needs in a viable manner. We are confident that this will be the most convenient solution for dealers who want to expand their business with ease and speed through Carsome’s platform,” he said.
Since 2019, Aspirasi has been providing digital financial support to micro-enterprises, as well as small and medium enterprises (SMEs) in the region. The collaboration with Carsome is an expansion of quick and easy digital financing solutions in the country. Dealers on Carsome’s platform are now eligible for up to 80% financing of the used car transaction value, with rates as low as 1% per month. This partnership is expected to enhance the growth potential of used car dealers’, and extend both Carsome’s and Aspirasi’s reach.
Aspirasi joins Carsome’s other financing partners such as Funding Societies and CIMB Bank in offering various financing solutions to the car platform’s dealers, in line with Carsome’s efforts in creating an end-to-end integrated online used car ecosystem.
Besides financing solutions, Carsome has invested more than RM10 million in Malaysia to help used car dealers through a variety of programmes, including the Dealer Alliance Support Program, Dealer Car Selling Program and Dealer VIP Program. Currently, the company is running the Dealer Reward Program, Sell & Win Kaw Kaw Program and Buy & Win Kaw Kaw Program for its used car partners.
More on what the company is doing on the business-to-consumer (B2C) front here.