PETALING JAYA: QuicKash Malaysia Sdn. Bhd, a licensed P2P financing platform wholly owned by ManagePay Systems Bhd, will be providing floor stocking financing to 365 Resources Sdn Bhd-recruited used-car dealers secured by vehicle(s) as collateral and guarantee.
As part of the deal, participating used-car dealers will be able to access financing of up to 70% of the transaction value of the used cars.
365 Resources CEO Soh Chee Kang said traditional financing avenues do not usually cater to used-car dealers, often forcing them to raise money from lenders that charge hefty interest rates, which are then passed on to used car buyers, who sometimes fail to find much value in purchasing used cars, instead of a brand new car.
“After extensive market research and advice from our associate company Semangat Anggun Auto Sdn Bhd (SAG Group) with their deep experience in the industry, we decided to set up the business and go into bed with QuicKash to close the gap,” he said.
QuicKash will provide seamless process and, through automation and technology, speed up and lower the cost to serve the financing needs of these SMEs in an efficient and effective manner while 365 Resources, as the appointed programme manager for the collaboration will actively offer the product to SMEs in the used car business.
The project will start with an initial target of RM30 million and will offer investors a guaranteed return.
“The collateralised floor stocking financing will be offered to 100 car dealers brought to us by 365 Resources and SAG. Each car dealer may put up to 10 cars as collateral with maximum sum per car capped at RM30,000. We will expand the offering thereafter to reach out to more SMEs” said ManagePay managing director and QuicKash acting CEO Datuk Chew Chee Seng.
