iMotorbike targets 10-fold sales growth by year-end

By THE STAR | 25 January 2023

PETALING JAYA: South-East Asia’s pioneering eCommerce platform for buying and selling used motorcycles, iMotorbike, aims to attain a 10-fold sales growth and an annualised revenue of US$20mil (RM85.7mil) by year-end.

Founder and chief executive officer Gil Carmo said the company had set a target of generating about US$2mil (RM8.57mil) each month this year.

“We are confident in our ability to aim for these figures because it is a conservative target to reach. The monthly growth in 2022 was impressive for the size of this business, approximately in the range of almost US$2.66mil (RM11.4mil), so we are expecting to achieve more in 2023,” he told Bernama recently.

Carmo said people nowadays wanted to save cost and time in the event of traffic jams so they preferred to ride motorcycles instead of cars.

He believes that these factors would make 2023 the “year of the bike”.

“In the Malaysian segment, almost one million used motorcycles change hands every year so iMotorbike intends to enter this market by adding value to the product.

“With technological capabilities, our platform provides nimble, agile and more accessible services to customers such as showroom infrastructure and inspection centres to customers,” he said.

Moving forward, Carmo said the company was looking for as many players as possible to work together and improve service quality.

“We have worked with several players, such as finance and insurance providers in the region to improve the speed and quality of what we do.

“Every day, we do our best to provide the best experience to the end-customer, and what we do is a game changer in terms of the problems we are solving for the customer,” he said.

Carmo explained that most used motorcycles have been traded in an unstructured, unprofessional and non-digital manner in the region where it is mainly a customer-to-customer type of business interaction.

“Many people are looking for a platform that allows them to understand the quality of the products on both sides and the people they are interacting with to avoid scammers.

“We will provide all the necessary functions, including doing a full 170-point inspection on the motorcycle, and providing a six-day return policy with 100% money-back guarantee,” he noted.

He also said that the business operation was expanding quickly, being cash-efficient, and ensuring it correctly served its shareholders and investors.