As the year of 2024 comes to an end, we sought insights from prominent figures across the Southeast Asian tech landscape. These leaders reflected on their triumphs throughout the year, sharing valuable perspectives on their achievements and the challenges they overcame. Furthermore, they unveiled their ambitious aspirations, meticulously outlined their strategic plans for 2025, and offered insightful predictions on the trajectory of the tech industry in the coming year.
We talked to Eric Cheng, Co-Founder and CEO of Carsome to learn more about the unicorn’s achievements in 2024, its plans and aspirations for 2025. Malaysia-headquartered Carsome is Southeast Asia’s largest integrated car e-commerce platform, with presence across Malaysia, Indonesia, Thailand and Singapore.

1. How was Carsome’s 2024?

2024 was a landmark year for Carsome with our focus on sustainable growth, profitability, and innovation bearing fruit. We delivered three consecutive profitable quarters this year and are well on the road to a full year of profitability.

Carsome also forged strategic financing partnerships with leading banking institutions, including AmBank and Maybank, which secured over MYR200 million ($44.72 million) in working capital to accelerate growth in our ancillary services such as financing and insurance.

We also hit a significant milestone by crossing the 500,000 cars sold mark, demonstrating the trust our customers have placed in us. Beyond this, Carsome Academy made meaningful strides in supporting the automotive TVET industry through partnerships with several government agencies, further contributing to talent development and industry upliftment.

2. What’s your expectations & aspirations for 2025?

As we head into 2025, we are excited to celebrate Carsome’s 10-year journey of empowering car buyers and sellers across Southeast Asia. It is a milestone that inspires us to continue pushing boundaries for our customers.

Our focus for the year ahead is clear: deepen our roots as a homegrown brand while expanding our reach across the region. We aim to enhance customer trust by refining our services, innovating with technology, and growing our ancillary offerings to improve and continue elevating the end-to-end car ownership experience. 2025 is all about building on the momentum we have achieved and setting the stage for the next decade of growth.

3. How is the outlook for 2025 for the used car industry?

The outlook for the used car industry in Southeast Asia remains complex for 2025, shaped by a combination of economic headwinds and evolving consumer trends across the region.

In Malaysia, the upcoming rationalization of petrol subsidies is likely to influence consumer behavior, pushing demand toward more fuel-efficient and cost-effective vehicles. This creates opportunities for the used car market to offer affordable alternatives that address these shifting preferences.

In Thailand, the used car market faces challenges tied to higher household debt, stagnant non-performing loans, and tightened credit conditions, with loan approval rates hovering around 30 percent. These financial pressures are limiting buyers’ access to affordable financing options, constraining the market’s ability to grow. While policies such as proposed interest waivers aim to ease these burdens, their effectiveness depends on careful implementation and long-term viability.

Across the region, the used car industry remains resilient as consumers seek reliable, cost-effective solutions amid economic uncertainties. While challenges like credit constraints and regulatory changes persist, the industry’s focus on affordability, trust, and innovation ensures it remains a vital part of the Southeast Asian automotive landscape in 2025.

4. Any new plans or products CARSOME plans to introduce in the new year? What is the focus in the new year?

Carsome’s focus for 2025 remains on strengthening our position as Southeast Asia’s leading automotive ecosystem player. With Malaysia taking the ASEAN Chairmanship in 2025, we see this as a pivotal moment to align with the region’s broader economic and trade priorities. This provides an opportunity to not only amplify Carsome’s role as a homegrown brand but also to deepen collaborations that support the region’s automotive and digital economy growth.

As we celebrate our 10th anniversary, we aim to capitalize on this momentum by continuing to innovate and refine our offerings. From exploring opportunities to expand our ecosystem to leveraging technology for greater customer trust and transparency, our priority remains on delivering value that meets the evolving needs of customers and partners across Southeast Asia.

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