Malaysia Used Car Industry Overview
The Malaysian used car market is moderately fragmented owing to its competitive nature and the presence of a large number of players operating across the country. These players are estimated to focus on expansion, fleet upgradation, collaborations, etc., to strengthen their position in the market. For instance,
- In March 2024, MyTukar, a used car ecosystem based in Malaysia, underwent a rebranding process and will now be known as Carro, aligning with its parent company's name. This renaming process will occur over several months, during which the Carro brand will be integrated into myTukar's range of products, services, marketing materials, and physical signage across Malaysia.
- In March 2024, Carro, an online used-car marketplace headquartered in Singapore, expanded its operations into Hong Kong through the acquisition of a smaller local peer.
- In June 2023, the Malaysia-based integrated car e-commerce platform Carsome Group Inc. concluded its latest fundraising round, raising its liquidity position to approximately USD 200 million. Existing investors such as 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, and Asia Partners participated in the funding round alongside a new investor, EvolutionX Debt Capital, a growth-stage debt financing platform focusing on technology companies in Asia.
- In July 2023, the Malaysian national carmaker Proton established strategic alliances with three e-bidding companies (EBC), namely, myTukar, MUV, and Carsome, to enhance the trade-in car disposal process for customers.
Malaysia Used Car Market Leaders
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Mudah.my Sdn Bhd
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CARSOME Sdn Bhd
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MT Digital Sdn Bhd
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Caricarz Sdn Bhd
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Caroo Ltd.
- *Disclaimer: Major Players sorted in no particular order
