CIMB introduces auto dealer app for financing, partners with Carsome to accelerate rollout

•  Expedite auto financing application process in fast, secure, seamless manner
• Submit financing applications anytime, anywhere with real-time tracking

CIMB Bank Bhd and CIMB Islamic Bank Bhd have rolled out the CIMB Auto Dealer App, that enables automotive loan/financing approval within one minute upon full submission of required documents. [Subject to meeting all requirements and eligibility criteria.]

CIMB claims the app to be the first auto financing platform of its kind in Malaysia, empowering car dealers to execute fast, secure and seamless digital application submissions and processing for auto financing.

With the CIMB Auto Dealer App, car dealers can submit financing applications anytime and anywhere, with a real-time submission tracking feature that updates dealers on the status at every stage of the process.

The solution is introduced to ease customers’ car purchasing journey and decision-making, while simplifying and expediting the auto financing submission process for car dealers. CIMB claims the one-minute approval time for applicants is the fastest in the market today.

In order to accelerate the rollout, CIMB has partnered with Carsome, Southeast Asia’s largest integrated car e-commerce platform, with 15 Carsome Experience Centers already onboarded with the CIMB Auto Dealer App to support CARSOME’s customers on their vehicle financing needs. With the success of the initial rollout, the bank plans to roll out the app to more new and used car dealerships nationwide.

Samir Gupta (pic), CEO, Group Consumer Banking of CIMB Group said, “We are pleased to have partnered with Carsome, a leader in the region’s automotive e-commerce space, for the initial rollout. We look forward to working closely with Carsome and supporting their customers’ auto financing needs through this seamless digital auto financing solution.”

CIMB is looking forward to onboarding other car dealers nationwide to make the auto financing process more convenient and transparent with a fully-digital process and real-time status tracking. “The app reflects our commitment to continuously improve and simplify the banking experience for our customers and partners through digital innovation, in line with our focus on customer centricity under our Forward23+ strategic plan,” Samir adds.

Eric Cheng, co-founder and group CEO of Carsome said, “We are excited to work with CIMB to introduce Malaysia’s first Auto Dealer App for vehicle financing. Our partnership will enable more efficient financing approval for customers to purchase cars on Carsome’s platform, providing them with a seamless and hassle-free experience. This is another step forward in our commitment to building the most trusted end-to-end ecosystem in the automotive industry.”

The CIMB Auto Dealer App is available for both new and used car financing, with loan submissions being administered in real-time during processing hours (from 6.00am – 12.00am daily) to provide greater flexibility and convenience. Once an application has been approved, a letter of undertaking and notifications via SMS and email will be issued to the car dealer and customer immediately.

The app is the latest addition to the CIMB InstaApproval series. The series includes, among others, CIMB’s 1-Minute Auto Financing InstaApproval for selected auto dealers and 1-Minute Home Financing InstaApproval which were launched in 2018.

More information can be obtained here.