Malaysia-based automotive marketplace ICar Asia, which operates leading auto verticals across Southeast Asia, has presented a new personal financing transaction feature in collaboration with several financing institutions, including SMS Finance.

The financing feature will simplify the process for potential buyers calculating instalments for their dream car, based on the down payment and desired tenor.

“As an online automotive marketplace that is widely known in the community, ICar Asia’s business development division has to encourage used car traders who previously only operated in conventional showrooms, to move online thanks to our products,” said managing director of ICar Asia Indonesia Gumgum Prijadi.

From the seller’s side, the advantage is optimizing the price according to expectations. The tool also provides a cashback program of up to IDR 1 million ($69 U.S.) from Sept. 1 to Nov. 30, 2021.

“We see that the potential for C2C has actually existed for a long time, but with the personal financing transaction program we believe it will continue to grow in order to create a secondary source market,” concluded Hobert Tjiu, head of sales business and car financing products development.

In July, Carsome and Catcha Group made a joint proposal to the independent directors of ICar Asia to acquire the business. The transaction is still under consideration.

 

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