Fulfill Used Cars Demand, Carsome Will Expand Markets in Indonesia

By : Hariyanto And Aldi Firhand. A | Friday, April 06 2018 - 22:09 IWST

Car Illustration (Ist)
Car Illustration (Ist)

INDUSTRY.co.id - Jakarta - Carsome, an online used car sales platform, said it will expand the market in order to reach more areas in Indonesia to meet the needs and demand of used car market in the country.

Country Manager of Carsome Indonesia Andreas Djingga said it will expand to reach a wider market in Indonesia.

"Obviously we will be recruiting more human resources to join Carsome in the face of an exciting and challenging journey ahead," he said in a written statement in Jakarta on Friday (6/4/2018).

This is in line with the company that has just gained international investor confidence marked by an injection of funds worth 19 million US dollars or equivalent Rp261, 3 billion for funding series B.

The company is supported by local and global investors from Europe, China, USA, Japan and Singapore. The new investment is led by Burda Principal Investments followed by Gobi Partners, lInnoVen Capital, and Lumia Capital.

Carsome currently operates in four countries: Malaysia, Singapore, Indonesia and Thailand. This additional funding is planned to be allocated to enhance and deepen Carsome's footing in Indonesia and Thailand.

Both countries are the largest automotive market with 3.6 million used car deals every year.

Eric Cheng, Co-Founder and CEO of Carsome explains the additional funding will help Carsome to intensify its ambition as a new way to sell used cars.

"Today, the used car market in Southeast Asia is estimated to be worth more than US $ 30 billion annually but is still fragmented, inefficient and less transparent.We identified the problem by providing an integrated, transparent online used car sales platform to make it easier for consumers to sell their cars to dealerships quickly, fairly and freely, "Eric Cheng said.

Carsome's total monthly transaction value has increased fourfold since January 2017. Total car sales facilitated by Carsome's online platform, also increased fourfold with more than 70 percent of transactions conducted between cities, strong evidence of value proposition and product matching. offered by this business model.

News Comment

Today's Industry

World Bank Group (Images by ITU)

Kamis, 05 Maret 2020 - 07:23 WIB

World Bank Group Announces Up to $12 Billion Immediate Support for Covid-19 Country Response

As Covid-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and…

Synopsys, Inc. (Images by PR Newswire)

Rabu, 04 Maret 2020 - 16:57 WIB

Better IoT Security Depends on Changes in Culture, habits

Ironically enough, the good news about the atrocious security of Internet of Things (IoT) devices might be that the bad news is getting a higher profile.Stories about security cameras getting…

Line Security Bug Bounty Program (Images by LINE Corporation)

Rabu, 04 Maret 2020 - 16:47 WIB

LINE Security Bug Bounty Program Report 2019

In late 2018 through early 2019, we began investigating the potential benefits of moving our program to HackerOne. After careful consideration, we concluded that we could likely improve the…

Check Point Software Technologies (Images by Acclaim)

Rabu, 04 Maret 2020 - 16:34 WIB

Check Point’s Hits Major Milestone as 100th Academic Institution Joins the Global Education

Check Point Software Technologies Ltd. NASDAQ: CHKP, a leading provider of cyber security solutions globally, has today announced that its Check Point SecureAcademy education initiative reached…

CloudGuard SaaS (Images by Check Point Software)

Kamis, 27 Februari 2020 - 14:08 WIB

Why are we still talking about email security?

with the rapid adoption of the internet and then the mobile internet, the email security market matured as enterprises understood that accessing proprietary information via the network exposed…