ERIC CHENG

Company: Carsome

Title: Co-Founder & Group CEO

 

Residing Country: Malaysia

Industry: Used Car Marketplace

Joint Nominee: Jiun Ee Teoh, Co-Founder & Chief BD Officer


 

 

Eric Cheng co-founded Carsome, Southeast Asia’s largest integrated car e-commerce platform, with Teoh Jiun Ee in 2015, with the mission to digitalise the fragmented used car market and reshape the automotive industry. With his combined knowledge in accountancy, business development, digital marketing, and strategy, Eric leads the overall strategic direction of the Carsome business across multiple verticals and expansion strategies. Today, Carsome has presence in Malaysia, Indonesia, Thailand and Singapore, transacting an annualized 70,000 cars totalling more than US$600 million in transacted value. 

 

The disruptive innovation.

 

In August 2020, Carsome introduced “The New Way of Buying Cars'', which offers a differentiated method of buying used cars, an experience that is traditionally marred with a high level of distrust, uncertainties and worries. The New Way of Buying Cars starts with the browsing of car models with detailed information and the booking of test drives, all done online. Consumers can then view a selection of quality cars live through a video call, or visit a Carsome Experience Center to look at the actual cars. Test drives can then take place at the Center, or consumers may choose the most preferred car for a home-delivered test drive. 

Upon purchase confirmation, Carsome will manage the entire process (including paperwork hassle) for consumers, ensuring a seamless and convenient experience. Lastly, consumers may collect their purchase from Carsome’s retail centre, or have their cars home-delivered. With the introduction of this new innovation, Carsome also became the first brand to sell cars in the e-commerce space through collaborations with providers such as Lazada and Shopee. 

 

Media Coverage