DBS partners sgCarMart and Carro to create direct buyer-to-seller marketplace

DBS has announced the official launch of DBS Car Marketplace - Singapore's largest direct seller-to-buyer car marketplace, in partnership with sgCarMart and Carro. With some 3,500 direct-owner car listings, DBS Car Marketplace's official launch makes it Singapore's first online consumer marketplace helmed by a bank. This follows the Monetary Authority of Singapore's announcement in June this year proposing to allow banks to operate digital platforms that match buyers and sellers of consumer goods or services.

Jeremy Soo, Head of Consumer Banking (Singapore) at DBS, said, "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.

"We've therefore designed the marketplace so buyers and sellers are seamlessly guided throughout their purchase or sales journey - from start till completion - and provided relevant financial and product information. DBS Car Marketplace provides a one-stop solution for those looking to purchase or sell cars.

"It connects buyers and sellers together at a marketplace that contains the largest number of direct-owner car listings, and ensures that they have full control and transparency over every stage of the process."

DBS Car Marketplace also provides several exclusive benefits for buyers and sellers. Sellers can list on both sgCarMart and Carro at one go for free (listing fees are waived till 4^th October 2017). Buyers will enjoy DBS' most attractive online interest rate of 1.99 percent per annum, with an Effective Interest Rate of 3.77 percent per annum over a seven-year loan, on their DBS car loan when they buy a car through the DBS Car Marketplace. This promotion is valid till 31^st August 2017.

An on-site car budget calculator provides the estimated loan amount the buyer is eligible for, and then serves them a list of cars based on their budget. If they find a car they are interested in, they can arrange for a test drive online with the seller directly. Finally, both buyers and sellers will be fully guided and enjoy free paperwork services for car ownership transfers.

Vincent Tan, General Manager of sgCarMart, said, "End consumers are smarter and more technologically savvy now, which means more of them are choosing to deal with buying or selling their cars themselves. The number of direct owners trying to sell their car on sgCarMart has been steadily increasing by at least 10 percent every year.

"We see a huge opportunity to tap into this growing market given this trend, and help speed the growth along. Listings on DBS Car Marketplace will also be visible to the 2.6 million visitors that visit sgCarMart each month until the car is sold. In 2016, 79 percent of all direct owner car transactions were completed on sgCarMart."

Aaron Tan, CEO of Carro, said, "There is definitely an increased interest and awareness for direct owners to transact between themselves, and we have seen our listings double over the past year and transactions through our platform have been steadily increasing. 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."

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. To visit the DBS Car Marketplace, go to go.dbs.com/car.