DBS Bank launches online marketplace for buying, selling cars

The DBS Car Marketplace is in partnership with established names such as sgCarMart and Carro, and will be the largest direct marketplace in Singapore.
The DBS Car Marketplace is in partnership with established names such as sgCarMart and Carro, and will be the largest direct marketplace in Singapore. PHOTO: DBS

SINGAPORE - DBS Bank has launched an online marketplace for cars, the first of its kind in Singapore to be helmed by a bank, which provides a one-stop solution for those looking to purchase or sells cars.

The launch comes after a proposal by the Monetary Authority of Singapore to relax certain rules on "anti-commingling" which will allow banks to invest their funds in certain non-financial businesses - more particularly to operate digital platforms that match buyers and sellers of consumer goods and services.

The DBS Car Marketplace is in partnership with established names like sgCarMart and Carro, and will be the largest direct marketplace in Singapore. It has nearly 3,500 direct-owner car listings and will provide several exclusive benefits for the consumers.

sgCarMart offers the largest database of new and used cars for sale in Singapore, and attracts 40 million views and 2.6 million visitors every month. Car marketplace start-up Carro guarantees that their customers' cars will be sold in 30 days and offers a six-month warranty on their customers' car to the buyer.

"DBS Car Marketplace exemplifies how we are reimagining banking, using digital technology and innovation to extend our reach. Our insights indicate that consumers increasingly value transparency and simplicity, particularly in large purchases such as cars," said Mr Jeremy Soo, head of consumer banking (Singapore).

The marketplace will also provide relevant financial and product information, and will make sure that the buyers and sellers will have "full control and transparency over every stage of the process", Mr Soo added.

Sellers can list on both sgCarMart and Carro at one go for free for a certain period, while buyers will enjoy DBS' attractive online interest rate of 1.99 per cent per annum on their DBS car loan when they buy a car through the Marketplace till Aug 31, 2017.

"We see a huge opportunity to tap into this growing market given this trend, and help speed the growth along," said Vincent Tan, general manager of sgCarMart.

"We believe that the trend to democratise the 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 sale and purchases," added Mr Aaron Tan, CEO of Carro.

DBS Car Marketplace began its pilot in December 2016, when the bank tied up with Carro to launch a platform leveraging DBS' website traffic to connect potential car buyers and sellers.