Name : Wai Phyo Kyaw
Position : COO and Co – Founder
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How and when did you establish CarsDB?
CarsDB was started on January 4, 2012. It was founded upon seeing the opportunity in the market was when the automobile market was liberalized through government’s opening up. We wanted to create a platform that is transparent, time and resources saving, accessible and scalable across the country.
May I know the ratio of shares between you and your business partner?
It is equally split among three founders.
What sort of difficulties did you face while starting up the business?
Challenges were aplenty. There were three main difficulties. The first was infrastructure issue. We started this venture when internet penetration in the country was very low as well as mobile penetration. It was not possible to get stable connectivity on day-to-day use for the majority of the population. On top of that, there are also infrastructure issues such as electricity cuts, which were not very conducive for a newly startup company.
Secondly, we also faced enormous task of educating users on how to use such internet platform. Internet to most of the population was just Facebook and Viber. They were even unaware of Google, let alone knowing the benefits of other internet platforms like CarsDB. We spent a lot of our resources on user’s education.
Thirdly, general cost of setting up in Myanmar was expensive. For instance, real estate rental fees in 2012-13 were one of the highest with influx of foreign direct investments and opportunities. We had to compete head to head with them to get a decent office space.
Please tell us a little about CarsDB?
CarsDB.com is the Myanmar’s largest automobile marketplace, which connects car buyers and sellers. We are launched on January 4, 2012 as the first automobile classifieds portal for Myanmar automotive market. Currently, there are over 10,000 cars being listed to sell on CarsDB. With more than 10 million page views by over 200,000 users on CarsDB website and mobile apps monthly, we have become the No.1 go-to place for every car enthusiast in Myanmar. On top of car classifieds, we also offer local news, car reviews and articles, tax related information, motor directory and car parts and accessories marketplace.
What are the current projects that your team has been working?
We focus on creating the best platform for car sellers and buyers. We have also been working to add more features such as financial services integration (insurance/auto loans), valuation tools and of course, other media and entertainment programs. New technology advancements such as artificial intelligence are also being sought after.
What is the current target demographic for CarsDB?
It is a large demographic. We have users from not just all over Myanmar but also from overseas. Anybody who is interested in cars, especially for Myanmar market, could use us. Majority of the users tend to be male and they are usually within the age range of 20-65.
Could you talk about some recent projects that your team has worked on?
We recently launched our insurance calculation tool, which allows people to get instant premium quotation for desired comprehensive automobile insurance coverage.
What are you long term objectives?
To become the No.1 go-to marketplace for anybody who is interested in cars. We are already leading the market in terms of visitors and inventory available on the platform. However, we want to go deeper in the vertical by providing more automobile related services at users’ finger tips.
What are the challenges your company is currently facing?
The instability or rapidly evolving government policies make this market fluctuate a lot over the past year. It is difficult for businesses to set projections, forecasts, or meet the targets. It is also tough for buyers to decide when to get their next dream car.
Any advice for people planning to set up their own business?
Be focus, be committed and be prepared to work hard and long hours. No simple antidote.
Aside from CarsDB, what businesses are you currently running?
None. I spend more than 12 hours a day for CarsDB and that I think is totally consuming me.
What is your opinion of Myanmar’s automobile sector?
We hope to see market evolves in the next year but it is subject to government’s further announcements and regulations. Car population in the country is not dense at all compared to even neighboring countries. However, with long standing infrastructure issues such as parking and disciplinary issues could hinder the growth of the market a lot. Apart from that, this is a high potential market.
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