Carmudi examines the average price of used cars in the region

Philippines Among Most Affordable Asian Countries For Used Cars


Will sustained economic growth and low oil prices help Filipinos take advantage of affordable cars in their country?

Carmudi, the easiest way to sell or buy your car online, analyzed hundreds of thousands of used car listings in order to find out how much consumers spend on used vehicles globally. The study looked at used car models aged 2008 to 2013 to provide insights into price differences across Carmudi countries.

The average price of a used car in the Philippines is $16,719, compared to Sri Lanka ($27,966) and Bangladesh ($33,692). Strong growth for the country’s economy as a whole is expected to continue. The automotive industry has a significant presence in the Philippines, accounting for one-third of the country’s GDP.

The predicted global shift in oil prices, a drop from nearly $100 a barrel in 2014 to around $53 this year, has economic commentators predict even more purchasing power for many Filipinos, which could bring an increase in used car purchases.

The car-shopping experience for buyers in the Philippines can be further improved by new methods of car browsing and sales. Online platforms like Carmudi enable buyers to browse a wider selection of vehicles available in their home country and make an educated choice on the car for the most competitive price.

‘With such presence we see not only more cars being bought in Philippines, but also these purchases being more researched and tailored to the individual buyer’s needs,” said Subir Lohani, managing director of Carmudi Philippines.

“We aim to continuously provide our users with the best car shopping experience and to be number one in the industry. We want Carmudi to be a household name, a one-stop-shop for all car related subjects,” adds Lohani.

Carmudi reports on growth of PH Car Financing sector

Carmudi, the leading car classifieds in the country today unveiled its report about the growth of Car Financing in the Philippines. The report provides an outlook in the current and future state of car financing in the country and how it affects consumer attitudes towards credit.

The research also revealed that 76-percent of Filipinos are planning to purchase a car in the next two years compared to 65-percent in other emerging markets.

In terms of consumer behavior, the Philippines has the highest level of vehicle upgrade, with 96-percent planning to upgrade their cars when they reach a more financial and stable condition.
Meanwhile, attractive consumer loan programs have boosted the strong demand for passenger cars and commercial vehicles. The growth in consumer loans was driven by a 26-percent increase in auto loans, which translated to P244.61 billion.

As consumer loans continues to grow, local banks are racing to come up with different strategies such as lower interest rates, attractive product offerings, and freebies to boost their share of the industry and give them a competitive edge.

With the Philippine government initiating ongoing economic reforms and a high inflow of remittances, forecasts predict that consumer lending will flourish at a double-digit rate, driving consumers to further invest in cars and motorcycles.

As more banks invest in consumer loans, consumer credit is also expected to increase and become more widely accessible to all Filipinos, the report said.

“Car financing has always been an option that consumers in the Philippines look at when buying a car, and data shows that the demand for auto loans in the country continues to increase,” said Subir Lohani, managing director of Carmudi Philippines.

“With the growing economy and increase in demand for passenger cars, we believe that more of our Filipino customers will seek assistance about financing options. As more banks and financial institutions offer attractive loan programs and require low down payments, we expect auto purchases through financing will continue to flourish in the country,” adds Lohani.

CARMUDI SECURES $25M IN NEW FUNDING FOR ASIA AND LATIN AMERICA

Rocket Internet backed online car classified player to become No.1 in emerging markets

Carmudi, a leading car classified site backed by Rocket Internet, has raised $25 million to strengthen its operations in Asia and Latin America. Investors include Asia Pacific Internet Group (APACIG), a joint venture of Rocket Internet and Ooredoo, Holtzbrinck Ventures, a leading consumer internet investor, Tengelmann Ventures, a division of international multi-sector retailer Tengelmann Group, and a private investor.

Launched in October 2013, Carmudi has rapidly scaled up to 20 countries, seven of which are in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Vietnam) and one in Latin America (Mexico). The platform is known to provide the most innovative and fastest way to buy and sell cars, motorcycles and commercial vehicles online.

The announcement of this funding comes at a time when the company is experiencing a remarkable growth of over 50 per cent in all its markets and has authentic listings of over 300,000 vehicles for its users globally.

Carmudi Co-Founder and Global Managing Director Stefan Haubold said: “This funding will be crucial in boosting our operations in Asia and Latin America. Our goal is to be the No.1 car classified platform in all our markets. There are over 300 million active internet users that we are aiming to tap into in these markets. We want to make sure that we bring them the best experience of car shopping on their laptops and mobile phones.”

The new round of investment goes to show the support and confidence investors have in Carmudi’s business model. Koen Thijssen, co-CEO of APACIG stated, “We invest in companies where we see high potential for growth and expansion. We are sure that Carmudi will be able to conquer its markets very soon." As the internet penetration is likely to reach 44 per cent by 2018 in in Asia Pacific region alone (excluding China and India), Carmudi’s strategic timing could not have been better. Having the first-mover advantage is certainly helping Carmudi become a household name as it continues to reap the rewards from a growing middle class and influx of foreign spending in emerging markets. In fact, it is already reaching over a million users per month through its website and mobile app.

With its new features, Carmudi is making the selling and buying process much simpler for experts and novices alike who are new to the Internet.

Carmudi provides car buyers, sellers and car dealers online

With online shopping being the trend nowadays, more and more websites have emerged over the Internet. But only some guaranteed and dished out positive results. One of which is Carmudi.

Carmudi, the leading vehicle platform around the world, has recently tapped the Philippine automotive scene in providing buyers, sellers, and car dealers an opportunity to experience safe and convenient online transaction.

Carmudi Philippines—through its website www.carmudi.com.ph—has been generating positive leads for potential car buyers and sellers in the country since it started January 2014. The website currently has close to 25,000 vehicles in its inventory spanning from cars, motorcycles and commercial vehicles; brand new or used.

According to Subir Lohani, managing director of Carmudi Philippines, “Having the most number of listings is not the main thing that defines Carmudi.com.ph and Carmudi in general. We look on the quality of listings and value of proposition that we offer both buyers and sellers of vehicles that defines us.”

Lohani explained, “We envision Carmudi Philippines to become a complete one-stop shop for anything vehicle related such as loans, finding an auto repair shop, tips and tricks for your car, and more. Cars are essentially a lifestyle product. Whether it be the brand, model, make, or color, it tells about your individual personality so Carmudi must also evolve into a lifestyle product which we are in process of doing.”

Lohani also shared, “Our search functionality is one of the most important things that differentiates us from the traditional classifieds and online general classifieds. As a dedicated vehicle platform, we realized that buyers want to have the ability to search with certain parameters for their dream cars.”

The company prides itself on how both buyers and sellers will experience customer satisfaction by looking on the complete data list of each vehicle from multiple pictures, descriptions, identifications, and even on the details of map of dealership.

“Being online and having a mobile app has a definite advantage as prospective buyers of vehicles can quickly search with a few swipes of a screen on the go anytime they have a few minutes. Furthermore, once the user sees a vehicle that they are interested in, they can directly sms, email, or call the dealer directly through our online and mobile platforms, which improves efficiency in the overall process,” adds Lohani.

Globally, Carmudi has 250,000 up-to-date listings, 9,000 of which are vehicle dealers. Through Carmudi.com.ph, individual vehicle owners can list their vehicles on the platform, while professional sellers can list their vehicles through the platform and receive professional support on how to present themselves and their offerings.

Carmudi was originally founded in Berlin, Germany in 2013 under the Rocket Internet Group, who also ventures company such as Zalora, Easy Taxi, Lazada, PricePanda, Lamido, Lamudi, and Tripda.