myTukar appoints former BMW exec as CEO

• Appointment set to spearhead new phase of growth for myTukar
• Leverage on parent company, Carro to solidify market position

USED car platform, myTukar, announced the appointment of former BMW exec, Jeffrey Ong (pic) as its new chief executive officer (CEO). Ong succeeds former CEO, Fong Hon Sum, who assumed the role of myTukar’s chairman in June 2021, the company said in a statement.

The company said Ong’s appointment is set to spearhead a new phase of hypergrowth.

This is propelled by the introduction of an Asean pass programme, AI-driven lending metric systems, and expansion into the Asean business space, transforming myTukar into the region’s go-to customer-centric platform, it said.

“I am excited by the opportunity to lead myTukar. The used car industry is undergoing a pivotal change and myTukar is at the forefront of this transformation. We are committed to growing the used car market in Malaysia and we will carry this momentum forward into the region,” said Ong.

Ong said it plans to solidify myTukar as the go-to digital platform for used cars, by creating a seamless buying and selling experience.

It will do so by enhancing its offline infrastructure alongside its centralised inventory management and logistics system, simplifying the purchasing process for customers.

Leveraging on parent company Carro Group’s regional market presence and innovative technology, myTukar plans to onboard more used car dealers and  elevate their presence regionally through its upcoming Asean pass programme.

The Asean pass is designed to further strengthen myTukar’s position as the market leader in the business-to-business used car segment whilst simultaneously introducing more quality and transparency to the customers’ purchasing journey, it claimed.

As part of myTukar goal to become the region’s leading player in the car industry, the company is looking to build a financial inclusive used car financing system that rides on AI-driven lending metrics.

Under Ong’s leadership, myTukar has to date registered 500% year-on-year growth, it claimed.

The company is on track to achieve market leader status by 2022, with revenue of RM4.2bil (US$1bil) per year, from Malaysia alone, it added.

Ong served as the head of sales and marketing and chief operating officer, before taking on the position as CEO of myTukar.

Prior to joining myTukar, he spent six years at BMW, designing the blueprints for the group’s financial services products across the Asia Pacific region and launching several programmes such as the BMW Group Corporate Mobility Solutions, BMW Group Private Circle Programme, and the structured financing products (business solutions).