The global pandemic had impacted the automotive industry all over the globe and Malaysia is no exception. However, the used car market has seen a positive increase in sales due to factors such as low income, a lack of money, and a rising preference for private cars to maintain social distancing. As a result, the used car industry is growing at a CAGR of ~6% during the years2015 and 2021. The sector for used cars in Malaysia is expected to witness steady growth in the coming years as well, but this time, digital disruption will have a key role to play. Find out how digital media will help the used car market in driving sales and flourish in Malaysia.
1. The Used car industry in Malaysia is amongst the most significant contributor to the Country’s economy
1.1 …aided by a growing population and rapid migration to urban areas that has caused an increase in demand for personal vehicles
2. Presently, the industry is in the late growth phase with the increased popularity of online players and the entry of OEM-certified dealers
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3. The increasing presence of Multi-brand & OEM-certified dealerships and easy financing options have contributed to Industry’s growth
4. Used car dealers try to attract customers with additional discounts and After sales services
5. Here, majority of the cars are sourced by the dealers from individuals and auction houses
6. Social media plays a major role in generating leads for dealers & end consumers by virtue of offering advertisements at a lower cost with respect to other traditional marketing channels
7. Consumers are shifting away from traditional methods & increasingly using online platforms for buying used cars which acts as an opportunity; lack of warranty online remains an issue
8. Owing to digital enablement and additional service offerings, the industry is anticipated to thrive in the future
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