MyTukar taps into East Malaysian used car market

by NUR HAZIQAH A MALEK / Pic credit: Facebook MyTukar

MyTukar Sdn Bhd has announced its expansion into the East Malaysian market with the first two inspection hubs located in Kuching, Sarawak and Kota Kinabalu, Sabah.

The homegrown online used car trading platform CEO Fong Hon Sum said with the increased demand for used cars nationwide, there is also 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,” he said in a statement today.

He said the innovative platform is able to provide the support to used car dealers in East Malaysia, ultimately helping in increasing sales via a speedy and cost-effective ecosystem.

“The ongoing 2,325km Pan Borneo Highway is expected to be completed in 2023 to 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,” he said.

Sales of used cars have seen positive growth especially during the third quarter of 2020, despite the pandemic, as according to the 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 and customers turning to private car ownership to decrease public commuting have spurred sales throughout the year.