DAVAO CITY – Online car classified Carmudi is eyeing to expand its business operations in the Philippines by adding another extension office in Davao and Cagayan De Oro area.
The expansion will be part of company’s strategy in saturating its market presence in Mindanao.
“The Philippine economy is really a market to watch. We are already spread out in 20 different countries across the globe and we are still seeing a lot of potential in doing business in the Philippines,” said Subir Lohani, managing director of Carmudi Philippines.
“Aside from agriculture and tourism, Mindanao has improved its information technology business which are the key drivers in growing the economy. We are looking on the bigger picture as GDP growth rate increase by 6.2-percent in the last 5 years and we see this opportunity to expand the business,” he said.
The company, which started January last year, has continuously provided its users the best online shopping experience allowing them to sell or buy any car, motorcycle or commercial vehicle in the fastest and easiest way. The car portal also offers a unique sophisticated search filters that enables users to browse his target car based from his lifestyle preference.
“We bridge the gap between sellers and buyers on how they can both be happy on every purchase they will do. Aside from the transparent and trusted list of inventory, they can be 110 percent that all cars, motorcycles and commercial vehicles they view on our site went through quality screening check,” said Lohani.
“As we do expansion in Mindanao area, we are looking forward to double our sales by end of the year. We allocated $16-million funds in Philippine operations alone in terms of investment, so we expect to grow the business in few more years,” he said.
Lohani said they take it as a challenge to do business in these new areas. “These are very young markets to watch with bigger opportunities to look for,” he said.
The online startup has 20,000+ listings with 9,000 used car dealers and 1,000 new car dealers. The company has 5-million visitors in a month with steady growing highly targeted audience.
Aside from Mindanao, Carmudi also is targeting cities in Visayas such as Iloilo and Bacolod.