MUFG'S 49% STAKE IN CARTIMES CAPITAL WILL SPUR CARSOME ON IN AUTO FINANCING MARKET

Born at the right time and seizing the day when the door to opportunities open is what makes an entrepreneur. Not everyone seizes the day. In 2008 Eric Cheng was working in various part time jobs. The digital world of marketing and social media was in its nascent stage. It was the era where MySpace was big. After a few years of in and out of jobs, Eric and his co-founder friend, Teoh Jiun Ee decided to start a car comparison website with information on car specs that would help people sell their cars. They recognised the pain that car owners go through when they want to sell their car. Many found advertising or going to second hand car shops not a satisfactory solution. Carsome began in 2015 to provide solutions to a consumer market need. Trust was a key issue in the reselling automotive industry and building trust on a platform that delivers convenience at the same time propelled Carsome to the top of the league.

Carsome Group Inc is today S.E. Asia's largest integrated car e-commerce platform. It has operations in Malaysia, Singapore, Indonesia and Thailand and 50 physical inspection centers for car sellers. Carsome  promises free vehicle valuation within 30 mins, hassle-free online transactions, financing solutions, certified quality assurance for buyers, fast payment within 24 hours after inspection etc. in 2022 Carsome opened its biggest Indoor showroom (Carsome PJ Automall) for buyers when it took over the Naza Automall showroom (100,000 sq ft) in PJ. Buyers can test drive Carsome certified cars on the spot and buy a car they like on the spot. 

CarTimes Capital is the financing arm of Carsome. In Feb 2026 Mitsubishi UFJ Financial Group (MUFG) acquired a 49% in Car Times Capital, a strategic auto financing partnership for Carsome's expansion in the region. Eric Cheng is going places. Not bad for a college dropout who was determined to run his own business.

Sources

1. Carsome. https://news.carsome.com/leadership/eric-cheng
2. Tatler. 11 August 2022. Chong Jinn Xiung. https://www.tatlerasia.com/gen-t/leadership/how-eric-cheng-grew-carsome-into-a-us17-billion-integrated-car-platform
3. Business Today. 5 October 2022. Cynthia Ignatius. https://www.businesstoday.com.my/2022/10/05/an-interview-with-eric-cheng-co-founder-and-gceo-of-carsome/
4. Endeavour. https://malaysia.endeavor.org/eric-cheng/
5. Carsome. https://news.carsome.com/stories/carsome-ceo-eric-cheng-named-tech-entrepreneur-unicorn-icon-at-pikom-digital-excellence-awards-2024
6. TNGlobal. https://technode.global/2023/04/20/breakeven-is-near-for-carsome-says-ceo-eric-cheng/
7. Syarikatcari. 2 April 2025. https://syarikatcari.com/blog/corporate-39/how-technology-powers-carsome-s-success-1387
8. NST. 14 August 2025. S. Birruntha. https://www.nst.com.my/business/corporate/2025/08/1260025/carsome-posts-record-us5mil-profit-q2#google_vignette
9. The Star. 10 December 2025. https://www.thestar.com.my/business/business-news/2025/12/10/carsome039s-record-retail-performance-drives-up-3q-earnings
10. TNGlobal. 8 April 2026. Duc Dao. https://technode.global/2026/04/08/malaysia-unicorn-carsome-singapore-cartimes-japan-jaccs-formalise-auto-financing-partnership/
11. Carsome Press Release. 21 March 2025. https://news.carsome.com/news/carsome-announces-full-year-profitability-in-2024-powered-by-stronger-margins-and-cost-disciplines
12. The Star. 3 March 2026. https://www.thestar.com.my/business/business-news/2026/03/03/carsome-achieves-record-results-marks-second-consecutive-profitable-year
13. Carsome. 19 May 2021. https://www.carsome.my/news/item/carsome-ceo-eric