The Federation of Motor and Credit Companies Association of Malaysia (FMCCAM) has revealed that to promote transparency in the used car business, dealers have implemented blockchain solutions and the Internet of Things (IoT) in order to keep track of their inventory.
FMCCAM President Datuk Tony Khor Chong Boon revealed that the association is set to launch an IoT platform that will consolidate inventories from registered used car dealerships across Malaysia.
According to the Malaysian Reserve, the database will let car dealers track information within their networks, which is expected to boost sales and raise consumer confidence in the market.
“[Car dealers] can straight away know whether the specific model requested by customers is available or not in their own or other members’ inventories,” Datuk Tony explained.
He said this platform will transform the second-hand car business and offer transparency and efficiency for all stakeholders in the industry.
New Technology Gives Second-hand Car Industry a Second Wind
Datuk Tony stated that the FMCCAM will launch the platform by the end of 2019.
Moreover, the Association has plans to introduce its own online channel to advertise used cars. The used cars on sale will be those that have received certification from the FMCCAM. Car buyers will have access to data such as mileage, registration year, and car condition.
According to the FMCCAM President, the Association has projected annual sales in the used car segment to double to 800,000 within five years.
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