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Carsome and CIMB partner up to create new financing solution for used car dealers

Jerrica · Jul 21, 2020 11:24 AM

Carsome and CIMB partner up to create new financing solution for used car dealers 01

Carsome, an online used car trading platform, has announced a special partnership with CIMB Bank Berhad (CIMB). The partnership will see a new inventory financing solution developed specifically to make acquiring second-hand cars by used car dealers easier and faster.

The new solution is the first of its kind co-developed by a bank and a used car trading platform. It is expected to help drive inventory volume for dealers and subsequently increasing market demand within the used car industry.

Carsome and CIMB partner up to create new financing solution for used car dealers 02

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They expect the new solution to help directly reduce processing time and minimise physical documentation via Carsome’s online platform in Malaysia.

Since its inception in 2015, Carsome has experienced rapid growth. This is evident in their latest collaboration with CIMB and the launch of Carsome’s RM 55.5 million Dealer Alliance Support Program, an initiative that provides short-term boosts to help used car dealers rebuild their businesses after the Movement Control Order.

Jerrica

Writer

There isn’t a time in memory that doesn’t involve staring at cars. After discovering the excitement of watching Schumacher vs Hakkinen, Formula 1 became a major part of life. The love for cars and F1 ultimately led to a job with CAR Magazine. The untimely death of the magazine meant a hiatus from cars at lifestyle women’s magazine Marie Claire before another opportunity came knocking again.

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