MyTukar partners CapBay in MYR300 million financing programme for used car dealers

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MyTukar, Malaysia’s fastest-growing used car trading platform has teamed up with CapBay, a country’s leading supply chain financing and P2P platform to offer an integrated one-click financing programme foraca used car dealers in the country. The MyTukar Dynamic Dealership Programme will offer a hassle-free financing experience for all authorised dealerships, with a total financing of up to MYR300 million. This programme will benefit 1,900 authorised dealers nationwide.

Through the programme, MyTukar aims to support its authorised dealers in weathering the financial impact and business risks associated with the COVID-19 pandemic and global economic climate. Through MyTukar.com, the company aims to simplify the process of selling pre-owned cars through digitalisation and also to service its customers with better transparency through its online car selling platform.

The MyTukar Dynamic Dealership Programme will offer a comprehensive financial services facility for authorised dealers—essentially a “one-stop” solution for them to operate and grow their dealership business.

Authorised dealers will receive a MYR100,000 pre-approved revolving credit line to purchase cars from the platform, and up to MYR500,000 revolving facility for inventory management, trade financing, and working capital.

This will enable dealerships to better manage cash flow by giving higher margin of finance for all drawdowns.

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The revolving facilities enable authorised dealers to procure vehicles and list them on MyTukar’s online car bidding platform to fetch a higher price for their inventories.

The programme offers hassle0free financing within seconds. Dealers can pay for the financing margin balance using this facility. In a nutshell, authorised dealers can receive short-term financing without cash outlay for purchases to free up cash flow for other investments or business opportunities.

CapBay has been accepting financing applications from MyTukar auto dealers since 1 June 2020. If you’re interested to sign up for MyTukar’s exclusive dealership programme, head over to https://mytukar.com/dealership-program.

For those looking to sell their cars, can sign up here.

For more information about CapBay visit www.capbay.com/mytukar.


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