Published on November 2nd, 2022 | by Sounder Rajen0
Socar and MyTukar Partner To Enhance Sustainability In Malaysia
Both companies are to make Malaysian mobility more sustainable
Socar is an app-based car sharing and peer-to-peer rental marketplace while myTukar is an online used car sales ecosystem and both companies operate in Malaysia. Now the two brands have announced a strategic alliance to elevate sustainability in the Malaysian mobility network by expanding the lifespan of cars here.
The two brands will achieve this by utilizing myTukar’s efficient trade-in and refurbishment system to reduce the impact of factory emissions of manufactured cars. This partnership will see myTukar facilitate the end-to-end trade-in process from initial purchase and paperwork to refurbishment and final point of sales.
Moreover, Socar will aid this effort in making Malaysian mobility more sustainable by selling 140 units of their B-segment vehicles to myTukar as well as buy 150 units of myTukar second-hand vehicles like the Proton X70 and Honda Civic.
This effort shows that both companies are pushing for a more circular lifecycle and ecosystem not just in Malaysian mobility but in the Malaysian used car market as well. This partnership ensures that perfectly usable and safe vehicles will not be scrapped for metal and give older vehicles a new lease of life, so to speak.
On top of that, this partnership will not only make Malaysian mobility more sustainable, it will also benefit Socar and the Malaysian people by ensuring the company can sustainably upgrade their fleet of cars and continue to provide comfortable and safe vehicles for rent.
Shylendra Nathan, CEO of Socar Mobility Malaysia, said, “Socar is excited to welcome myTukar as our new partner in elevating sustainability in Malaysia’s mobility sector, set to be achieved through the synergy in this alliance.”
“With steady growth projected in Malaysia’s used car market over the next three years, with a compounded annual growth rate of 10%, Socar sees potential in expanding our fleet in collaboration with a trusted automotive ecosystem like myTukar.” He added.
Derrick Eng, CEO of myTukar also stated, “Older cars have a poor reputation for being ‘gas guzzlers’ that release harmful emissions. But new cars are not necessarily the end game, as the carbon footprint for each new car manufactured is still significant.”
“myTukar is in full support of sustainable mobility solutions, and this partnership aligns with our intent to reduce harmful factory emissions and overall carbon footprint by extending the lifespan of a car.” He added.