myTukar Expands into East Malaysia’s Used Car Market

KUALA LUMPUR: myTukar Sdn Bhd, Malaysia’s 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.

In a press statement, it explained that this marks a significant milestone in myTukar’s hyper-growth journey towards transforming the used car industry in Malaysia through digitalisation.

It said, sales of used cars have been on a positive growth especially during 3Q20, despite the ongoing pandemic.

According to MAA (Malaysian Automotive Association), used car sales grew by 100 per cent 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.

myTukar chief executive officer Fong Hon Sum 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 per cent 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 digitalisation 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.