CarsDB.com, one of the biggest digital used vehicle market in Myanmar, has recently announced they will be partnering with Toyota Tsusho's auction service to help update the country's sometimes uncertain used car industry. Currently Myanmar sees five times more used cars sold each year when compared to new car sales.
For right now, buyers need to be cautious when purchasing a used car in Myanmar. CarsDB.com's operator Rebbiz is focused on changing this reality by making sure used cars are put through inspections that would be available to consumers.
The two companies help an auction event within Myanmar's biggest city, Yangon with screens that would display a vehicle details and the current bidding information.
Bidders at the auction were mostly from used vehicle dealers, but members of the public were also invited to attend. Both used and new cars were available coming in from dealer inventories.
Car auctions within Asia are slowly updating the technology their based on, with bids now being offered from foreign countries. This auction even offered consumers the chance to bid through their phones and was being live streamed through Facebook.
Rebbiz's site currently is home to around 10,000 vehicles and gets over 200,000 visitors every month. Previously used car dealers only put buyers and sellers together and the car's condition could often be skewed. With this new partnership sellers will need to have the car inspected with over 200 points of detail includes engine defects down to minor scratches and dents. Toyota Tsusho will also help train local employees on how to properly run the auctions.
"In other countries, car auctions are very popular," said Rebbiz CEO Wai Yan Lin. "We are going to make a similar system to improve Myanmar's auto market and I think this auction will help."
Even with this new partnership, Rebbiz and CarsDB.com knows there's more work to do. Despite having over 200 cars up for auction, only 20 ended up getting sold during this event and this might have been due to some people not understanding quite how auctions typically flow.
"We hope to tackle these issues in the next [auction] round," said Toyota Tsusho's Daiki Kato.