Latest news with #EricCheng
The Sun
15 hours ago
- Automotive
- The Sun
Carsome off to strong start with US$4.3 million Ebitda in Q1
PETALING JAYA: Carsome Group Inc, Southeast Asia's largest integrated car e-commerce platform, registered a strong start to 2025, posting earnings before interest, taxes, depreciation and amortisation of US$4.3 million (RM18.1 million) in the first quarter, continuing the positive momentum from its profitable close to FY24. In Q1'25, the group's gross profit rose 12% year-on-year, while its gross profit per unit (GPU) improved 24% from 2024, driven by a resilient topline performance. During the quarter, both wholesale and retail segments delivered record margin performance, driven by improved pricing algorithms, optimised sourcing strategies, and stronger unit economics. The group remains focused on driving profitable growth across its core markets while strengthening its integrated automotive ecosystem. Carsome co-founder and group CEO Eric Cheng said, 'Carsome is off to a strong start in 2025, building on the solid foundation of our proven profitability in FY24. As we continue to refine our execution and unlock even greater operating leverage through our integrated model, our business fundamentals remain strong and resilient. 'We are on track to surpass our goals, including becoming operational cash flow positive this year. We are confident in the growth potential of our core markets, and we are excited about the momentum we are gaining. Recent strategic partnerships are already playing a pivotal role in driving topline growth and accelerating our path toward further success/' Caresome continues to forge partnerships that strengthen its ecosystem, broaden access to financing, enhance services and contribute to the community. These include its partnership with Japan Consumer Credit Service a member of Mitsubishi UFJ Financial Group, to scale financing for underserved customers through Carsome Capital. Furthermore, Carsome has established collaborations with Petronas AutoExpert to enhance after-sales support and an alliance with the Football Association of Malaysia to champion national pride. In April, Carsome supported the Selangor state government and the Ministry of Transport in aiding families affected by the gas pipeline fire in Putra Heights. These efforts underscore the group's ongoing commitment to making a meaningful impact, one that will continue to shape its direction in 2025.
Free Malaysia Today
22-05-2025
- Automotive
- Free Malaysia Today
CARSOME unveils official FAM fleet
CARSOME Group co-founder and CEO Eric Cheng (third from right) says the handover of these vehicles marks an important step in its partnership with FAM. PETALING JAYA : CARSOME, the Football Association of Malaysia's official automotive partner, handed over 15 vehicles decked in both their liveries in support of the association's operational and logistical needs. CARSOME Group co-founder and CEO Eric Cheng said the 15-vehicle fleet includes the Proton X90, Proton X70, Mazda CX-5, Nissan Serena, BMW 3 Series, Volvo XC40, Mercedes-Benz GLC and Toyota Alphard. These vehicles will serve the men's and women's national teams, as well as FAM's management. Cheng said the company's ongoing collaboration with FAM, via the CARSOME Academy, is part of a broader effort to support long-term personal and professional development for players and staff. 'The handover of these vehicles marks an important step in our partnership with FAM, providing the national teams with the mobility and support they need throughout the football calendar. 'As part of our commitment, we also want to help players, both men and women, prepare for life beyond the pitch,' he said in his speech before handing over the vehicles. Also present were FAM president Joehari Ayub, National Sports Council director-general Jefri Ngadirin and Malaysian football legend Zainal Abidin Hassan. Cheng said the car e-commerce platform is opening up education and career opportunities in the automotive industry, which contributes 5% or RM82 billion to Malaysia's GDP and supports over 700,000 jobs across the country. 'We are working with FAM to determine the courses and assistance required and hope this effort creates meaningful pathways for the football community to grow within a thriving sector.' Separately, Joehari expressed hope that FAM's two-year partnership with CARSOME would lead to greater success for the national team. He said the official collaboration between FAM and CARSOME began on March 25, the same day the national team secured a victory over Nepal in the opening match of the 2027 Asian Cup Qualifiers in Johor. 'This marks a positive start, and I hope that the partnership between FAM and CARSOME will continue to bring more success to Malaysian football in the years ahead.'
Daily Express
02-05-2025
- Automotive
- Daily Express
Reality check: the true cost of owning a car
Published on: Friday, May 02, 2025 Published on: Fri, May 02, 2025 By: FMT Reporters Text Size: What's the real price of owning a car? Are you ready for the responsibility? PETALING JAYA: Been eyeing that dream car? Much like having a baby, owning a car is a big responsibility. It's not just about driving one, it's also about taking care of it – and that requires money and time. So, if you're thinking of buying a car, it's best to prepare yourself before taking on the financial commitment. Ask yourself: 'What's better for me, new or pre-owned? What can I afford to buy and maintain? What's the real cost of owning a car?' First, what to choose – new or pre-owned? Cars are expensive in Malaysia, and a survey by CARSOME shows that Malaysians – especially middle and lower-income groups, prefer buying a used vehicle as opposed to a new one. So, consider these seven key points: price and depreciation; safety and insurance; waiting time; maintenance costs; warranty; down payment; and range of choices. Let's take a B-segment sedan/hatchback of average price and examine its loan repayment based on the following: a chosen loan tenure; insurance, maintenance costs, fuel cost, and other factors. Excludes loan repayment beyond five years. Does not include depreciation (resale value impact). Above estimated figures (based on common assumptions for a non-national B-segment car priced around RM90,000) provide a general idea of cost of ownership over a five-year period. Actual running costs may vary depending on the vehicle model, loan terms, maintenance habits, driving style, and fuel price fluctuations. New cars depreciate in value very fast but they function well, require less maintenance, and last longer than pre-owned cars. Used cars, however, are much more affordable, you may not even require a loan, and probably save you money in the long run. Then there's the question of availability. Do you want your car immediately, or are you willing to wait for your new one, and for how long? CARSOME's co-founder and chief executive officer (CEO) Eric Cheng expects a short- to medium-term shortage of new car supplies or delays in new car deliveries due to the global shortage of car parts coupled with disruptions to car assembly and manufacturing plants locally. 'As such, the used car industry is in a good position for growth as there is no waiting time for car delivery,' he said. CARSOME's research also found that the popularity of online used car selling platforms has increased. 'With the rising cost of ownership many buyers are shifting towards fuel-efficient and reliable second-hand vehicles,' Cheng added. So, what about costs? Used cars may be more affordable than new cars, but how reliable are they? In this case, CARSOME-certified cars offer a good middle ground between price and quality, with great benefits like excellent warranty plans and thorough inspections, assuring high standards. 'Our end-to-end buying journey takes away the concerns which are common in a traditional used car buying experience. CARSOME Certified is the new standard for buying pre-owned cars backed up by our 175-point inspection together with our CARSOME Certified Refurbishment Process,' says CARSOME.
