ManagePay Systems Berhad’s wholly owned P2P financing platform, QuicKash Malaysia Sdn Bhd, agreed to provide floor-stocking financing to used-car dealers recruited by 365 Resources, with vehicles used as collateral and guarantee.
Under the partnership, participating dealers could access financing of up to 70% of the transaction value of their used vehicles.
365 Resources CEO Soh Chee Kang explained that traditional financing channels often did not cater to used-car dealers, leaving many businesses dependent on higher-cost funding that could ultimately increase prices for buyers.
SAG Group supported the collaboration through its automotive industry experience, dealer network and role as adviser and marketing partner to 365 Resources.
The programme began with an initial RM30 million target for 100 dealers. Each participating dealer could place up to 10 cars as collateral, subject to a maximum financing amount of RM30,000 per car, with 365 Resources acting as programme manager.