Carsome Group, an integrated car e-commerce platform based in Malaysia, has obtained a credit facility from AmBank Group valued at $21 million in order to increase its liquidity and strengthen its potential for future expansion.
Company claimed that the financial facility obtained from AmBank Group will give the company more power and greatly increase its potential for expansion and innovation.
The company stated that this significant capital will strengthen its commitment to providing outstanding value in all areas of its operations by allowing it to broaden its clientele, improve the quality of its offerings, and promote steady growth.
Carsome claimed that with AmBank’s assistance, it will be able to expedite various phases of the used car trading process and provide its clients with a seamless, all-inclusive experience.
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Additionally, it stated that AmBank’s backing of Company demonstrates the bank’s commitment to promoting the expansion of progressive companies and propelling the development of the automotive sector in the area.
Co-founder, chairman, and CEO of Carsome Group Eric Cheng expressed his excitement about the company’s partnership with AmBank, calling it a significant turning point in their mission to transform the automotive sector.
“A financing facility at this scale is a strong validation of Carsome’s business model and allows us to enhance Carsome Group’s overall financing capabilities, It also underscores our commitment to providing accessible solutions for our customers and elevating the car ownership experience,” he said.
He stated that the company will use their Capital to take advantage of this relationship in order to increase the scope of services it offers, increase its influence, and carry on with its innovative work in Southeast Asia’s automotive ecosystem.
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Christopher Yap, Managing Director of AmBank Group’s Business Banking, stated that the bank is happy to assist Carsome in its outstanding expansion and inventiveness in offering clients end-to-end solutions.
“Their exemplary track record in the used car market makes us proud to partner with them in revolutionizing Malaysia’s automotive ecosystem, With their strong brand equity, financial standing, and extensive customer base, we look forward to seeing how this collaboration can further fortify Carsome Capital’s operations and prospects,” he said.
Since its founding in 2015, CARSOME has quickly changed the face of business and grown to become the biggest complete automotive e-commerce platform in Southeast Asia.
Thanks to its extensive range of services, which includes vehicle inspections, sales, financing, and after-sales support, its end-to-end ecosystem has grown considerably.
About Carsome
CARSOME is the biggest complete automotive e-commerce site in Southeast Asia. Redefining and improving the car-buying and car-selling experience, CARSOME seeks to digitise the used car market in the Philippines, Malaysia, Indonesia, Thailand, Singapore, and other countries.
