Online car marketplace Carmudi, which announced $25 million in venture capital funding this week, added finance to the mix in January, providing a loan calculator for the majority of its markets. The peer-to-peer site, which launched in Germany in 2013, has since spread to 20 countries in Latin America, Africa, and Asia, and appears poised to expand further.
Stefan Haubold, co-founder and global managing director of Carmudi, told Auto Finance News that countries such as Mexico and Vietnam were already seeing strong use of the company’s new loan calculator tool, which provides leads to partner banks such as Bangladesh-based IDLC Finance Ltd. Haubold said that “more tailored tools” are being developed for countries such as Indonesia and the Philippines, which see financing rates of 70% and 80% on auto purchases, respectively.
Carmudi lists more than 300,000 vehicles for sale and sees 1 million visitors per month on its site and mobile app.
