Jump to content

  • 1
  • Search this thread
  • Reply to this topic
18 replies to this topic | 21 praises

#1

Posted 07 November 2018 - 09:16 PM

ChaosMyth
  • THREAD STARTER
  • Premium member
    ChaosMyth
    5th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    1,732
      Joined: 10 March 2017
      Posts: 154
     
SINGAPORE - Singapore Press Holdings-owned sgCarMart has started a financial services arm to muscle in on the billion-dollar car-financing market.

The car portal will offer financing to used car dealers for their vehicle inventory as well as to car dealers to offer hire purchase loans to buyers.

sgCarMart's wholly-owned online auction subsidiary, Quotz, will take a 30 per cent stake in sgCarMart Financial Services for $1.5 million.

The remaining 70 per cent of the venture is held by T Financial (51 per cent) and five other parties, SPH said in an announcement to the Singapore Exchange.

T Financial is a fully-owned subsidiary of Toh Capital, which used to be a major shareholder in four used car dealerships.

The other shareholders are car trader Lake View Group and individual investors from the management team of sgCarMart.

https://www.straitst...obox=1541585998
Tianmo praised this
The Power of Dreams!

#2

Posted 07 November 2018 - 09:34 PM

Philipkee
  • Philipkee
    NOS-ed
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    16,104
      Joined: 25 October 2009
      Posts: 2,229
     
For a moment I was wondering why this is not under investment thread
1 Anonymous member praised this

#3

Posted 08 November 2018 - 09:18 AM

Soya
  • Soya
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    30,568
      Joined: 16 August 2002
      Posts: 19,437
     
Wahaha.....car loan by used car dealers? Ermmm....no tks

#4

Posted 08 November 2018 - 09:23 AM

Vratenza
  • Premium member
    Vratenza
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    54,271
      Joined: 06 April 2007
      Posts: 9,952
     

I find that there is conflict of interest in the setup.

 

Used car dealers taking stake in Quotz and related financial services?

 

How do I know my car quote is the available highest in the market and not shunted to the shareholding dealer? Where is the transparency now? 


Circles Life Referral Code: HTWWD

#5

Posted 08 November 2018 - 09:32 AM

Tianmo
  • Premium member
    Tianmo
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    121,697
      Joined: 22 March 2010
      Posts: 39,693
     

Subject to MAS ruling of car loans same as the banks or not ah?  [laugh]  [laugh]  [laugh]


芸芸人海,罪孽深重,神佛不渡,唯我魔渡

with the spirit of the MCF tiko club..............We are................ TIKO RANGERS!!!


#6

Posted 08 November 2018 - 09:41 AM

Soya
  • Soya
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    30,568
      Joined: 16 August 2002
      Posts: 19,437
     

Subject to MAS ruling of car loans same as the banks or not ah? [laugh] [laugh] [laugh]

On paper probably yes

But some used car ads that was,say, $100k all along mysteriously became more expensive at $120k the next day n the day after it, the car is SOLD!

I’ll leave it to one’s imagination why ppl suddenly buy the car when it becomes more ‘expensive’....
Vratenza and Sdf4786k praised this

#7

Posted 08 November 2018 - 09:49 AM

Tianmo
  • Premium member
    Tianmo
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    121,697
      Joined: 22 March 2010
      Posts: 39,693
     

I find that there is conflict of interest in the setup.

 

Used car dealers taking stake in Quotz and related financial services?

 

How do I know my car quote is the available highest in the market and not shunted to the shareholding dealer? Where is the transparency now? 

 

No lah, Quotz remain as wholly-owned by sgcarmart lah.

 

It is Quotz investing in the new start up, taking up 30% of the total share, making it the 2nd biggest share holder after T Finance. 

 

I dont think Quotz ever marketed that they will give the highest quote available  in the market, rather they will put your car up to more than 200 dealers and inform you of the highest quote.  It is the highest quote among the 200 plus dealers and not the highest quote available  in the market. 

 

You can always take that quote and call a few other dealers to compare it yourself mah. Does it matter if it is transparent or not as long as the quote is highest you can find? You want to sell your car at highest price or you doing check and balance for them?   [laugh]  [laugh]  [laugh]


芸芸人海,罪孽深重,神佛不渡,唯我魔渡

with the spirit of the MCF tiko club..............We are................ TIKO RANGERS!!!


#8

Posted 08 November 2018 - 09:54 AM

Soya
  • Soya
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    30,568
      Joined: 16 August 2002
      Posts: 19,437
     
To be fair, i hv used quotz a couple of times and the final bidded price is definitely higher than what ADs quoted for trade in. But then, ADs usually lowball anyway so the bar’s pretty low....

#9

Posted 08 November 2018 - 10:04 AM

Vratenza
  • Premium member
    Vratenza
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    54,271
      Joined: 06 April 2007
      Posts: 9,952
     

Yeah, I sold 2 cars via quotz. Decent mixed bag of experience. One ok, the other was a scum bag who lowered the offer price with all sorts of excuse.

 

I am only informed of the top offers. But I have to take their word that the offer was the top offer among 200 dealers.

 

I can either take their professionalism and transparency that the bidding process has been transparent such that no single dealer has an unfair advantage in the bidding or a group of them are not in collusion to keep the price lower (cartel?).

 

Of course I can do my homework and still go around asking for independent quotes but we all know that once your car plate is put out there, those in the industry already know you are in the market to sell or they would have flagged u as one of the cars from quotz they have bidded on. Yes I probably watched too many conspiracy theory movies. :D

 

That's the reason why I am skeptical when they mention 2nd hand car dealers going into financial business with Quotz instead of Quotz remaining an "independent" arbiter in the car bidding process.

 

 

 

 

 

No lah, Quotz remain as wholly-owned by sgcarmart lah.

 

It is Quotz investing in the new start up, taking up 30% of the total share, making it the 2nd biggest share holder after T Finance. 

 

I dont think Quotz ever marketed that they will give the highest quote available  in the market, rather they will put your car up to more than 200 dealers and inform you of the highest quote.  It is the highest quote among the 200 plus dealers and not the highest quote available  in the market. 

 

You can always take that quote and call a few other dealers to compare it yourself mah. Does it matter if it is transparent or not as long as the quote is highest you can find? You want to sell your car at highest price or you doing check and balance for them?   [laugh]  [laugh]  [laugh]

 


Circles Life Referral Code: HTWWD

#10

Posted 08 November 2018 - 10:04 AM

Tianmo
  • Premium member
    Tianmo
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    121,697
      Joined: 22 March 2010
      Posts: 39,693
     

On paper probably yes

But some used car ads that was,say, $100k all along mysteriously became more expensive at $120k the next day n the day after it, the car is SOLD!

I’ll leave it to one’s imagination why ppl suddenly buy the car when it becomes more ‘expensive’....

 

 

The set up is also supplying funds to dealers to provide in house loans leh, and if I am not mistaken, currently in house loans not subject to the same MAS ruling and interest is so much higher. 

 

Anyway, i think it is common business ideas to move in the direction, next on the line we likely going to see their own insurance and workshops, its all in the chain lor. 

 

And just this morning, I also read of another 20 car dealers, led by CarTimes Automobile setting up their own portal ( to be launch in early 2019) to compete with sgcarmart and other sites. 

 

So its after all everyone trying to a have a grip over the market and lead it. Willing seller willing buyer lor.. [laugh]  [laugh]  [laugh]


BabyBlade praised this
芸芸人海,罪孽深重,神佛不渡,唯我魔渡

with the spirit of the MCF tiko club..............We are................ TIKO RANGERS!!!


#11

Posted 08 November 2018 - 10:23 AM

Guysmokey
  • Premium member
    Guysmokey
    1st Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    91
      Joined: 21 September 2010
      Posts: 33
     

the risks passed on from the bank to business entities. I think the management of loans is a concern.

 

came across this article yesterday. 

https://www.channeln...fts-in-10904600

 

Maybe the finance savvy ppl can advise... I'm a bit clueless ..



#12

Posted 08 November 2018 - 12:01 PM

Mason016
  • Mason016
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    27,953
      Joined: 28 April 2008
      Posts: 5,239
     

the risks passed on from the bank to business entities. I think the management of loans is a concern.

came across this article yesterday.
https://www.channeln...fts-in-10904600

Maybe the finance savvy ppl can advise... I'm a bit clueless ..

Sounds like CDOs in another guise. [laugh]

#13

Posted 08 November 2018 - 12:18 PM

Jp66
  • Jp66
    6th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    3,956
      Joined: 21 March 2010
      Posts: 2,844
     

today on ST paper - "Used car dealers to set up 'largest online portal"

Led by Mr Eddie Loo, managing director of CarTimes Automobile, the group of 20 traders is raising $5 million with the aim of rolling out the site by early 2019......

 


知足常乐
行到水穷处 坐看云起时

#14

Posted 08 November 2018 - 02:02 PM

Daniu82
  • Premium member
    Daniu82
    5th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    1,089
      Joined: 07 October 2004
      Posts: 647
     

As long as I can sell my car at the highest price offered then I am happy already. They can set up whatever they want.



#15

Posted 08 November 2018 - 02:41 PM

StreetFight3r
  • Premium member
    StreetFight3r
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    954
      Joined: 24 January 2014
      Posts: 192
     

This is why Quotz launched their new service awhile ago. 

 

https://www.straitst...s-sellers-first

 

So from my understanding Quotz has a workshop now to do inspection of our vehicles which will then be put up for bidding. After bidding closed, Quotz will pay vehicle owner first. Then dealer cannot say this and that wrong with the car. 

 

Dunno exactly how it works but from the article this was what i understand lor.



#16

Posted 08 November 2018 - 03:08 PM

Soya
  • Soya
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    30,568
      Joined: 16 August 2002
      Posts: 19,437
     

This is why Quotz launched their new service awhile ago.

https://www.straitst...s-sellers-first

So from my understanding Quotz has a workshop now to do inspection of our vehicles which will then be put up for bidding. After bidding closed, Quotz will pay vehicle owner first. Then dealer cannot say this and that wrong with the car.

Dunno exactly how it works but from the article this was what i understand lor.

This seems to be a new initiative by Quotz. Probably in response to the mountain of complaints it got where some dealers who secured the winning bid go n lowball the seller directly after that

#17

Posted 09 November 2018 - 08:32 AM

Mockngbrd
  • Mockngbrd
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    54,699
      Joined: 07 June 2007
      Posts: 20,633
     
Sph needs new sources of $$$
Garage36.com

#18

Posted Yesterday, 07:51 AM

Viceroymenthol
  • Viceroymenthol
    Turbocharged
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    7,500
      Joined: 26 February 2008
      Posts: 6,211
     

SINGAPORE - Singapore Press Holdings-owned sgCarMart has started a financial services arm to muscle in on the billion-dollar car-financing market.

The car portal will offer financing to used car dealers for their vehicle inventory as well as to car dealers to offer hire purchase loans to buyers.

sgCarMart's wholly-owned online auction subsidiary, Quotz, will take a 30 per cent stake in sgCarMart Financial Services for $1.5 million.

The remaining 70 per cent of the venture is held by T Financial (51 per cent) and five other parties, SPH said in an announcement to the Singapore Exchange.

T Financial is a fully-owned subsidiary of Toh Capital, which used to be a major shareholder in four used car dealerships.

The other shareholders are car trader Lake View Group and individual investors from the management team of sgCarMart.

https://www.straitst...obox=1541585998

Toh Capital:

https://sg.linkedin....ng-toh-8ba48950

#19

Posted Yesterday, 08:16 AM

Sdf4786k
  • Premium member
    Sdf4786k
    Turbocharged
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    9,481
      Joined: 26 December 2007
      Posts: 4,087
     

On paper probably yes

But some used car ads that was,say, $100k all along mysteriously became more expensive at $120k the next day n the day after it, the car is SOLD!

Iâll leave it to oneâs imagination why ppl suddenly buy the car when it becomes more âexpensiveâ....

If no one goes to jail. I supposed it’s legal. Some may term it disruption technology just to go under the radar.. go figure ..🤩


  • 1
Back to General Car Discussion  ·  Cars Top Reply to this topic
SgCarMart Quotz



Quick Reply



Tags: sgcarmart, quotz, financial, loan and 3 more...

1 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users


    Google (1)