Bernama reported that ManagePay Systems Berhad’s wholly owned unit, QuicKash Malaysia Sdn Bhd, would provide floor-stocking financing to used-car dealers recruited by 365 Resources, secured by vehicles as collateral and guarantee.
Participating dealers could access financing of up to 70% of the transaction value, supported by a technology-led process intended to reduce servicing time and cost for automotive SMEs.
The programme started with an initial RM30 million target and was intended to serve 100 dealers brought in by 365 Resources and SAG.
Each dealer could place up to 10 cars as collateral, with financing capped at RM30,000 per vehicle. 365 Resources was appointed programme manager for the collaboration.
The initiative addressed a financing gap faced by used-car dealers that were often underserved by traditional funding channels.