SINGAPORE - In the face of competition from online portals, car dealers have banded together to set up their own marketplace.
Dubbed UCars, the site is expected to be rolled out by the end of next month.
It is the brainchild of 21 United Holdings, a consortium formed by 40 car dealers in Singapore who are in the midst of raising $5 million to run the site.
UCars aims to offer "thousands of quality new and used car listings", in addition to exclusive deals, privileges and events for both consumers and dealers.
"Our strict verification procedures mean that we will be the gold standard for having the most extensive collection of quality and reliable cars," said spokesman Leslie Hong.
By the end of this year, consumers will be able to sell their cars to dealers through the UCars marketplace.
The Straits Times first reported in November last year that car dealers had plans in the works to introduce their own portal to compete against sites such as sgCarMart and Carousell, which have gained ground in recent years.
21 United Holdings chairman Eddie Loo said that having their own portal will allow dealers to cut out the middleman and let them pass on the savings to customers.
The members of the consortium are all industry veterans, some with several decades of experience, he noted.
Mr Loo, who is also managing director of car dealer CarTimes Automobile, said the combined experience of these companies allows them to serve customers better and gives them an advantage over other online marketplaces.
"We understand what consumers want," he said.