Successful RM3 Million Funding for Business Expansion

The funds will be used for expansion as well as research and development on new projects to serve car buyers' and car dealers' needs better.

"We received excellent response from people during our pitch for funding, and we found out that there are more solutions we can provide to customers, both on the dealers' side and the buyers' side. Hence, Caricarz is motivated to create more services to give customers a wonderful experience," said Caricarz founder James Goh.

According to Goh, car buyers are often confused with a wide range of selections, the uncertainty of the car conditions and the dealers' services when purchasing a car. At the same time, car dealers are finding it more challenging to generate sales leads.

Therefore, Caricarz has launched its Search-Hero to assist buyers with car selection to attend to these issues. The company also helped to verify the quality of the vehicles' condition before listing it online and standardising car dealers' service and warranty. 

At the same time, the company connects potential buyers to car dealers, giving them access to a broader market. Car dealers were also able to get more stock through the subscription on the Caricarz platform.

"Moving forward, we will soon introduce our Premier Selection and also we are working on a mobile application to give buyers and car dealers easier access to our Caricarz platform and to give them more confidence when buying or selling on our platform", Goh expressed.

Caricarz recorded approximately 300,000 unique visitors monthly. Its Facebook page has an average of 621,000 engagements per month. The company's video content has attracted about 289,000 views per month. There are about 2,500 car sellers on the Caricarz platform.