MyTukar, the Malaysian used car trading platform, has partnered with financing services firm CapBay to offer a new financing programme for its authorised dealerships, with a total financing amount of up to RM300 million.
The new financing scheme, called the MyTukar Dynamic Dealership Programme, is designed to support MyTukar’s 1,900 authorised dealers in reducing financial impact and business risks during these challenging times due to the COVID-19 pandemic.
According to the company, the new programme is a comprehensive financial services facility that provides an effective and convenient “one-stop-solution” to operate and grow their dealership business.
The programme features a wide range of financial facilities offered by CapBay, including a RM100,000 pre-approved revolving credit line to purchase cars from the MyTukar platform, up to RM500,000 revolving facilities for inventory management, trade financing, as well as working capital.
The revolving facilities enable MyTukar’s authorised dealers to procure vehicles and list it on MyTukar’s online car bidding platform to fetch a higher price for their inventories, essentially providing MyTukar dealers access to short-term financing without cash outlay for purchases, freeing up cash flow for other investments or business opportunities.
MyTukar CEO, Fong Hon Sum said, “Our priority at this point of time is to support our authorised dealers in reducing financial impact and business risks … [The new financing programme] enables MyTukar’s authorised dealerships to better manage their cash flow by giving a higher margin of finance for all drawdowns.”
The companies say that financing can be acquired “within seconds”. Applications for the new financing programme is now open on the CapBay website, here. More information on MyTukar’s dealership programme is available on the company’s website, here.