- Statements this to be its largest bank-backed service
- Center at this size a significant endorsement of Carsome’s business model
Carsome Group has secured US$ 21.39 million ( RM100 million ) in financing facility from AmBank Group to expand its liquidity, bolster its capacity for growth significantly and enhance its capacity to innovate.
The company, Southeast Asia’s largest included vehicles e-commerce system which just crossed 500, 000 cars sold since its 2015 founding, claims this to be its largest bank-backed service.
Christopher Yap, Managing Director, Business Banking, AmBank Group said,” With AmBank’s help, Carsome said it will be able to further expand different levels of the used car buying process, offering a comprehensive, hassle-free practice to its clients. The company’s commitment to supporting Carsome underlines its commitment to encouraging the development of forward-thinking companies and fostering the development of the regional automotive industry.
Eric Cheng, Carsome Group’s Co-Founder and CEO said,” We are thrilled to mate with AmBank, marking a key time in our quest to improve the electrical business. A leasing facility of this size strengthens Carsome Group’s total financial viability and provides strong validation of the company’s business model. It also demonstrates our commitment to elevating the experience of owning a car and offering attainable solutions to our customers. We will use this partnership, CARSOME Capital, to further increase our service offerings, expand our effect, and keep up our innovation in the automotive ecosystem across Southeast Asia.
While it started off as a used car trading system, Carsome has grown into an end-to-end used vehicle habitat across Malaysia, Thailand, Singapore and Indonesia with over 80 Carsome centres across over 50 cities offering a comprehensive set of services including vehicle inspections, sales, funding, and after-sales help. There has been constant rumors about its pending listing, which is not expected to occur until 2025.