In 2015, Eric Cheng and Teoh Jiun Ee co-founded Carsome to bring “trust, choice, and transparency” to the traditionally opaque used car industry. They aimed to eliminate intermediaries and provide a reliable database for customers.
Carsome, Southeast Asia’s leading car e-commerce platform, is poised to capitalise on the rapid expansion of the used car market in the region. By 2025, the industry is projected to reach US$158.7 billion ($209.8 billion), growing at a CAGR of 10.4% from the estimated US$131.3 billion in 2023.
Several growth drivers are propelling the market growth within the region. According to Carsome’s executives, this includes a high and growing used-to-new car ratio, which is expected to increase from 1.95 times in 2023 to 2.04 times in 2025, a rising middle-class population with more disposable income, and a shift towards a preference for personal transport post-pandemic.
