DBS launches largest direct seller-to-buyer car marketplace
Singapore
DBS has announced the launch its Car Marketplace, Singapore's largest direct seller-to-buyer car marketplace with over 3,500 direct-owner listings.
The site is in partnership with sgCarMart and Carro, and is Singapore's first online consumer marketplace managed by a bank.
The launch follows the Monetary Authority of Singapore (MAS) announcement by Finance Minister Heng Swee Keat in June, which proposed allowing banks to operate digital platforms that match buyers and sellers of consumer goods or services.
MAS streamlines regulatory requirements for banks looking to invest in digital platforms, and investments are capped at 10 per cent of the bank's capital funds.
Jeremy Soo, DBS head of Consumer Banking (Singapore), said: "DBS Car Marketplace exemplifies how we are re-imagining banking, using digital technology and innovation to extend our reach.
"It provides a one-stop solution for those looking to buy or sell cars: It connects buyers to sellers at a marketplace that contains the largest number of direct-owner car listings, and ensures that they have full control and transparency over every stage of the process."
The DBS Car Marketplace provides exclusive benefits for buyers and sellers, such as allowing sellers to list on both sgCarMart and Carro for free - listing fees are waived till Oct 4.
Buyers will also enjoy DBS's online interest rate of 1.99 per cent per annum on their DBS car loan when they buy a car through the marketplace by Aug 31.
The marketplace features an on-site car budget calculator which works out the estimated loan amount a buyer is eligible for and subsequently lists the cars that suit the budget.
Buyers who find their potential cars can directly arrange with the sellers for test drives. Buyers and sellers will then be fully guided through car ownership transfers and enjoy free paperwork services.
Vincent Tan, general manager of sgCarMart said: "End-consumers are smarter and more tech-savvy now, which means more of them are choosing to deal with buying or selling their cars themselves.
"We see a huge opportunity to tap this growing market and help propel growth in this trend."
Aaron Tan, CEO of Carro, agreed. "There is definitely an increased interest and awareness for direct owners and buyers to transact between themselves. We have seen our listings double over the past year and transactions through our platform have been steadily increasing.
"We believe that the trend of direct buying and selling of vehicles will continue and will become the preferred choice for consumers looking to get better returns and more assurance for their sales and purchases."
DBS Car Marketplace was started in December 2016, where the bank collaborated with Carro to launch a platform leveraging DBS website traffic to connect potential car buyers to sellers.
DBS Car Marketplace can be found at go.dbs.com/car
