Tookar blazes new trail in car trading

KUALA LUMPUR: Tookar aims to emerge as Asean’s largest online car exchange service within the next three years.
The region’s first online dedicated exchange for new cars connects dealers and buyers, allowing the latter to shop for the best deals.
Tookar’s angel investor and co-founder Datuk Wei Chuan Beng sees those aged 20 to 45 who are familiar with e-commerce to prefer the comforts of booking their new cars online.
“In the next three to five years, we hope to see 50% of new cars being booked online (in Malaysia via Tookar),” he told a press conference after launching Tookar yesterday.
Wei believes that 10%-20% of total car purchases in Malaysia or about 100,000 new car bookings per year could be conducted via Tookar in the next one to two years.
Wei, who is REDtone International Bhd founder and managing director, said Tookar is a separate entity from REDtone and is an investment done in his personal capacity.
With Tookar, buyers are able to name their price or request discounts for a specific car model. Similarly, sellers from multiple authorised car dealerships may offer their discounts on Tookar. The platform, which was launched with an initial investment of RM1 million, allows buyers to negotiate for the best deals with all the dealers simultaneously.
Once the buyer and the seller agree on a price, a match is made using Tookar’s two-way auction paradigm, similar to that used in the stock exchange, and the deal is sealed with an online deposit and signing of the vehicle sales order. The seller will then prepare the car according to specifications and deliver it to the buyer’s doorstep.
Wei said Tookar empowers buyers and sellers to trade cars online, to get the best bargains and experience free and efficient market pricing. It’s only when deals are done that Tookar imposes a small transaction fee on dealers.
“We’re gathering 200 dealers nationwide. The first phase (of Tookar’s rollout) is largely in Peninsular Malaysia, and soon to be followed by Sabah and Sarawak,” Wei said, adding that it plans to expand to Asean countries next year.