Carsome makes V-shaped recovery in June

It is said to have almost fully recovered its high transaction volume pre-lockdown.

Car trading platform Carsome has successfully made a V-shaped recovery since resuming business amidst easing lockdown measures across Malaysia, Indonesia, Thailand and Singapore, according to an announcement.

Carsome is said to have almost fully recovered its high transaction volume pre-lockdown periods in June, leading to a three-fold jump in May and over 70% YoY increase, despite most of its inspection centers operating in limited capacity.

Carsome co-founder and group CEO Eric Cheng attributes the quick recovery to the resilience of the sector, as well as the decision to persevere and intensively train Carsome’s workforce during the lockdowns amidst industry layoffs, which contributed to significant productivity improvement and high team morale.

The introduction of new tax tariffs in Malaysia, Indonesia and Thailand have also contributed to strong consumer demands in new and used cars, as consumers continue to shun public transport and ride-sharing services in view of the pandemic situation.

Furthermore, Carsome saw stronger demand from its used car dealers in restocking their inventory to cater for the pent-up demand.

“We pushed ahead with several product launches, namely our CarPartner and CarsomeGO mobile apps, to further automate workflows and decision-making,” Cheng said.

According to Cheng, Carsome will continue the upbeat momentum for the rest of the year with several new projects, including creating a significantly different experience buying used cars, as well as upskilling the workforce through accreditation.