Be that as it may, tech is still stirring things up in the consumer auto industry, even if it does not have anything to do with the making of an automobile itself. Take, for instance, ride-hailing. Taxis have always existed, and so have customers who hail them. All tech did was give users an assurance that no matter where they are in any city that’s served by a ride-hailing service, there will be a cab to pick them up at the click of a button. Technology also organised existing taxis on the road and brought them under one umbrella so they’re readily available on what we call a ‘marketplace’, or ‘platform’ today.
One such platform is Malaysia-based Carsome, which brings car owners and used-car dealers together on one platform.
Typically, if one wanted to sell their used-car, they had to go through the long, arduous process of first getting their car checked and evaluated to see if it was working fine, and then visit several local, individual dealers to negotiate a reasonable selling price for the used car.
Also, one had to visit several dealers to get different quotes so that they had the option of picking the highest one.
Carsome pitches itself as a one-stop shop for all those processes. It inspects the car in-house and then invites bids from dealers on its platform. The company also takes care of all the paperwork on both sides.
“We are trying to solve the problem that both the used car dealers and retail mom-and-pops face; reliant on brokers to buy/sell a used car, resulting in a considerable discrepancy between buying and selling price, where most of the profit goes to the middleman. Not to mention the hassle one has to go through to just getting their car sold,” says Eric Cheng, Co-Founder and Chief Executive Officer of the company, in an interview with Entrepreneur Asia Pacific.
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