Creating a trusted market place for used cars in Southeast Asia by adapting the Beepi model to the Southeast Asian market.
The regulatory and legal frameworks in most Southeast Asia countries (600 million consumers and the second largest car market in Asia) are guidelines at best. Scams are common in listings, test drive and the sale itself.
otocar will establish trust by inspecting and only admitting quality cars to the marketplace (no accidents, no major damage, less than 100,000 km), provide a secure environment for transactions by being physically present, and handle registration, financing and the sale on behalf of the customer.
Revenue will be generated through commissions on the sale and on financing and insurance services; value will be created through the brand and establishing relationships with higher value car owners. With limited competition in the auto sector (mainly weak listings) there is significant scope for expansion in new cars, servicing and auctions.