Malaysia & Singapore, 02 August, 2022 – Southeast Asia’s largest integrated car e-commerce platform CARSOME Group Inc (CARSOME) recently celebrated its seventh year anniversary, off the back of over 260,000 completed transactions since inception and millions of customers served through its platform. Since its establishment in 2015 with the mission to bring trust, choice and transparency, CARSOME has innovated the used-car market through data and technology and become a household brand in the region that brings consumers an alternative to buy and sell their used car.

CARSOME’s journey started seven years ago. Co-Founders Eric Cheng and Jiun Ee Teoh (JT) met over a coffee chat, talking about their exhausted used car buying experiences as two frustrated customers. Soon they realized such an experience was not just common; it was a norm. Both of them decided to find a solution.They knew that the process had to be standardized, made digital and with a customer-first approach in Southeast Asia. Then they created CARSOME, with the mission of transforming and reinventing the car transaction and ownership experience in the region by bringing trust, choice and transparency to customers.

This mission remained unchanged for the past seven years, from the first car sold through the platform to the 260,000th and beyond. Today, CARSOME has built a trusted and liked household brand in the region with millions of customers served through its platforms. CARSOME has grown into the region’s largest used car e-commerce platform in Southeast Asia measured by either transaction volume or value, selling more than 18,000 cars per month totaling more than US$1.7 Billion annualized value.

Key Milestones and Achievements

From Malaysia to Regional. CARSOME was bootstrapped from Malaysia by launching a wholesale business in 2015 and its first consumer-facing Inspection Center in 2016. CARSOME grew fast in its home market and soon became the top used car platform in Malaysia in 2018. They further expanded into Singapore, Indonesia and Thailand in 2016, 2019 and 2020, and today CARSOME is leading by market share in every market they are present in. Markets outside Malaysia also become CARSOME’s strongest growth engine and are expected to contribute to more than 40% of group revenue by end of this year.

From Wholesale to Retail. CARSOME test-launched retail business in Malaysia with its first consumer-facing Experience Centre during the Covid-19 pandemic in 2020. Within less than two years, CARSOME’s retail business has expanded into all four countries and become its fastest growing business, delivering more than 10x growth year-on-year and becoming an important pillar in addition to existing wholesale business. Today, it’s already contributing to more than 25% of group revenue and is expected to contribute to about half of the group’s revenue in the mid-long term. Recently, CARSOME also launched PJ Automall, one of the biggest offline Experience Centers in Malaysia to further strengthen its retail business, as well as online-to-offline hybrid offering for customers.

Expanding “Phygitally”. CARSOME continued to expand footprints with more than 120 consumer-facing Inspection and Experience Centres across 4 countries, interconnected through logistics hubs. In 2021, launched the region’s first and largest state-of-art inspection and reconditioning center – which CARSOME’s employees voted for the name: CARSOME Certified Lab in Malaysia with a monthly 2,000+ cars reconditioning capacity. The company expects to launch 3 more CARSOME Certified Labs by the end of this year, which will also cover retail reconditioning demand in Indonesia and Thailand.

Launching CARSOME Academy. In 2021, CARSOME established CARSOME Academy in Malaysia and welcomed the first batch of students. The programme, championed by its Co-Founder JT, offers Malaysian youth technical training and guaranteed career opportunities upon graduation. It is officially accredited as a Recognition of Prior Achievement Center by the Department of Skill Development under Malaysia’s Ministry of Human Resources. CARSOME also launched CARSOME Academy in Indonesia and Thailand in 2022 to further promote automotive workforce and job opportunities in the region. As of today CARSOME Academy has provided courses to more than 1,500 students totaling more than 6,000 hours of training.

Growing CARSOME Family. In 2022, CARSOME acquired a couple of strategic partners. It completed acquisitions of iCar Asia – the region’s largest online auto classified platform; WapCar – the region’s leading auto content and social media platforms; and 51% of Cartimes – Singapore’s award-winning and leading car dealership with decades of operating experiences. As a group, CARSOME now manages more than 14 Million monthly unique visitors and more than 20,000 dealers. CARSOME is now able to bring together the best solutions powered by integrated data assets, to better deliver our promise to customers in the region.

Staying “hungry” for data. Data and technology innovation are at the core of CARSOME’s business, underpinning growth and profitability, and driving decision making. CARSOME has been constantly hungry for data and strengthened technology capabilities to provide enhanced transparency and optimized user experience. The past years’ transaction history, inspection records and customers’ digital footprints had helped build the region’s largest proprietary transaction dataset among used car e-commerce platforms in Southeast Asia. This has led to a series of core competitive advantages such as demand evaluation, automatic pricing algorithm, personalized content and offerings.

Winning Digital Bank License in Malaysia. Recently, CARSOME also won one of Malaysia’s first batch of digital bank licenses, as part of the consortium led by KAF Investment Bank. The consortium is committed to explore various ways of partnership, with the purpose of driving financial inclusion in Malaysia and beyond.

Propelling CARSOME into the Future

In Southeast Asia, cars are not just for mobility, it creates extra income, encourages freedom and allows for better jobs. CARSOME will continue to serve customers, focusing on solving real problems and building a business that enriches their lives.

More recently, CARSOME announced the appointment of football legend, Eric Cantona, as its brand ambassador. As one of the greatest footballers of his generation, Cantona and CARSOME both share a common drive in their relentless spirit to go above and beyond for their fans and consumers.

Cheng concluded: “Despite the current climate of an ongoing global recession, growth in demands for used cars continue to remain strong in Southeast Asia. At CARSOME, we are optimistic about our prospects and expect a strong growth in this sector for the next five years, driven by factors such as a rising middle class, increasing car penetration and rising digitalization.”

Cheng concluded: “Despite the current climate of an ongoing global recession, growth in demands for used cars continue to remain strong in Southeast Asia. At CARSOME, we are optimistic about our prospects and expect a strong growth in this sector for the next five years, driven by factors such as a rising middle class, increasing car penetration and rising digitalization.”

Kuala Lumpur, Malaysia & Singapore, 14 July 2022 – Southeast Asia’s largest integrated car e-commerce platform, CARSOME, today announced the appointment of football legend, Eric Cantona, as its brand ambassador. As one of the greatest footballers of his generation, Cantona and CARSOME both share a common drive in their relentless spirit to go above and beyond for their fans and consumers.

In his capacity as ambassador to the brand, Cantona will take an active involvement in CARSOME’s upcoming promotional activities this year as well as group-wide advertising campaigns in Malaysia, Indonesia and Thailand where CARSOME is the market leader.

CARSOME Co-founder and Group CEO, Eric Cheng explained that Cantona’s relentless spirit to go above and beyond for football fans embodies the company’s drive to further elevate the car ownership experience and have CARSOME as the trusted platform for buying or selling a car.

“We are excited to have Eric Cantona onboard as CARSOME’s brand ambassador. I believe Eric’s personification of victory and fearlessness displayed throughout his life and career will bring us to even greater heights in the used car market as we continue to deliver trust, transparency and choice to our customers,” Cheng said.

Dubbed by fans as ‘King Eric’, Cantona’s commanding, unpredictable, yet charismatic presence on and off pitch saw him leaving a legacy in the history of football and remains an influential figure till today. He was the key piece of the puzzle in solving Manchester United’s goal-scoring troubles in his debut season. His instrumental role in breaking the club’s championship dry spell after 26 years of trophyless seasons is very much likened to CARSOME as a brand that set out seven years ago to redefine the used car industry, at a time when customers deeply lacked trust in the used car market.

Fast forward to 2022, CARSOME has set an industry standard for customers to purchase quality assured pre-owned cars through CARSOME Certified. With this, customers can experience a hassle-free car buying experience and go home confidently with quality refurbished cars which have gone through a stringent 175-point inspection and vigorous refurbishment process. The first in the market to offer a one-year extended warranty and five-day money-back guarantee, with up to 30 brands of cars to choose from, CARSOME shares Cantona’s boldness to break the barrier of normalcy to stay on top of the game and be a leader.

Cantona’s one-of-a-kind determination also personifies CARSOME’s unyielding journey in transforming the car transaction and ownership experience in Southeast Asia by delivering the brand promise of bringing trust, transparency, and choice, to consumers and dealers through our technology platform and deep expertise.

“I am pleased to see the progressive and innovative work done by a market-leading Southeast Asian brand like CARSOME. I am confident that our partnership will introduce more car buyers to high industry standards set by CARSOME Certified, and subsequently welcome them to a world where the car ownership journey is a trusted and pleasant one,” Cantona added.

The CARSOME x Cantona campaign officially kicks off in Malaysia and Indonesia today, while it will be introduced to Thailand in the near future. For more information and updates on Cantona’s future events, stay tuned to CARSOME’s website or social media pages.

Kuala Lumpur, Malaysia & Singapore, 14 June 2022 – Southeast Asia’s largest integrated car e-commerce platform Carsome Group Inc (Carsome), today announced appointment of its advisory board which comprises a multitude of expertise to lead regional expansion and accelerate growth as the company continues to strengthen leadership in Southeast Asia.

The advisory board is made up of individuals of various specializations, dynamic perspectives and deep expertise who will provide insights, connect networks and share experiences in building and scaling technology companies in the region. The board currently consists of four members, namely Managing Partner & Co-founder of Asia Partners, Nicholas Nash; Founder of Smile Group, Harish Bahl; Managing Partner of Indies Capital, Pandu Sjahrir; and Vice President of Meta Asia Pacific, Dan Neary.

Carsome Co-founder and Group CEO Eric Cheng mentioned that the advisory board adds great values to Carsome’s leadership team by elevating decision-making and affirming the company’s next steps on firmer, proven footing. “We are deeply honored by this priceless opportunity to stand on the shoulders of giants and work with elites of their respective industries. We are confident that their expertise, experience and network will invaluably help in Carsome’s mission to deliver trust, choice and transparency to our customers across the car transaction and ownership experiences across Southeast Asia,” added Cheng.

Nash was best known for spearheading Greater Southeast Asia’s leading internet company Sea Ltd.’s landmark IPO on the New York Stock Exchange (NYSE: SE), the largest US IPO of a Southeast Asian company. “We are really enthusiastic about Carsome’s successful track record and exponential growth, attributed to the strength of its leadership team and execution rigor. Carsome definitely has the potential to become Southeast Asia’s next big thing, and we are excited to help accelerate the company’s next growth spurt,” said Nash, who is also the Chairman of the advisory board. 

Bahl is a serial entrepreneur with a successful track record in founding and building leading e-commerce and digital media companies across Asia and other emerging markets. He has partnered and built businesses with major companies like Airbnb, Ogilvy, WPP Digital and Yahoo!, among others. “As with the accelerated digitalization in this new normal, Carsome is well-positioned to elevate the used car buying and selling experience through e-commerce. I am very excited to provide counsel and insights to help them stay at the top as Southeast Asia’s leading car e-commerce platform,” commented Bahl.  

Sjahrir, one of Southeast Asia’s leading and most influential investors, serves in multiple organizations to promote entrepreneurship and education in the region. Indies Capital, where he is the Managing Partner, has invested over US$1.1 billion and is a shareholder in more than 100 companies over the last seven years. Sjahrir is currently the Chairman of Indonesia for Sea Ltd. (NYSE: SE) and the Chairman of GoTo Financial, part of GoTo Group which is one of Indonesia’s first unicorn technology companies. “The formation of Carsome’s advisory board underscores the importance and the company’s focus on the Indonesian market. I am happy to guide the Carsome team into accelerating the growth and expansion of its Indonesian market through a multi-pronged approach,” added Sjahrir. 

Neary is one of the most seasoned and influential operators with almost three decades of executive-level experiences in Asia. Having gone through the exciting development in the region in management positions with great companies like eBay, Skype and Meta, Neary has deep expertise in operating and advising technology and e-commerce companies in developing markets. Besides, Neary is also active in the entrepreneurial community. He co-founded Travelmob (acquired by HomeAway) in the early days. He is now an active Limited Partner with a couple of Venture Capital funds, an early-stage investor in over 15 companies. “I am excited about Carsome’s mission of solving the real industry and customer pain points in this unique region. I am happy to help the leadership team with my first-hand experiences and insights in scaling a company across Southeast Asia,” said Neary.

Kuala Lumpur, Malaysia & Singapore, 5 May 2022 – Southeast Asia’s largest integrated car e-commerce platform, Carsome Group Pte Ltd (Carsome), today announced the acquisition of digital automotive content businesses under brands of WapCar and AutoFun from Tang Internet Limited and its subsidiaries. Upon the completion of the acquisition, Carsome set up WapCar AutoFun Sdn Bhd (WapCar), as a fully-owned subsidiary of the Carsome group in Malaysia.

WapCar established its first flagship brands, WapCar and AutoFun in 2019. Today, it operates a number of automotive content websites and social media channels across Malaysia, Indonesia, Thailand, Philippines and Vietnam. WapCar provides a full range of content which covers car exploration, transaction, and ownership experiences, using industry-leading technology to help customers in Southeast Asia find their perfect car and immerse themselves in all things related to automotive. The platform also produces, distributes and manages highly-engaging Professionally Generated Content (PGC) and User Generated Content (UGC) at scale. In 2021, the platform distributed on average more than 1,400 article write-ups and 100 videos on a monthly basis across YouTube and TikTok channels, which attract millions of customers across the region. As of last quarter of 2021, WapCar had become one of most visited auto content platforms with over 6 million average Monthly Active Users (MAU).

Carsome Co-founder and Group CEO Eric Cheng mentioned that WapCar has built a strong automotive content strategy in Southeast Asia, liked by a large and engaging customer base. The partnership will enable Carsome to capture and serve customers from their early stage of car exploration and bring a more engaging and fun experience to the car transaction and ownership journey. “We are thrilled to announce the partnership with WapCar and a team with seasoned expertise in the content space. We believe our collaboration through content, technology and data will augment our ability to bring trust, transparency and choice to customers together,” Cheng said.

WapCar General Manager Sting Peng mentioned that there is perfect synergy for WapCar to join the Carsome family. “We are excited to work with Carsome to collectively provide a smooth car buying and selling experience to millions of WapCar users on our platform across the region, as well as an end-to-end solution in their car transaction and ownership journey,” Peng added.

The acquisition is an important move that further strengthens Carsome’s market leadership in the region, and reinforces Carsome’s commitment to drive ecosystem expansion. It comes after the company’s recent announcement, acquisition of majority stake in CarTimes Automobile, one of the largest, trusted, award-winning auto companies in Singapore, and the completion of acquisition of iCar Asia, a leading listing and content automotive platform in Southeast Asia.