The motorcycle is among Southeast Asia’s most popular modes of transport. Statistica recorded more than 4 million motorcycle and scooter sales in the region during the past year. But the sale or purchase of a motorcycle – especially pre-owned – can often come with unseen and unapparent risks. iMotorbike recognizes the importance of a quick, simple, and transparent experience when purchasing a used motorcycle to give consumers peace of mind.
Since its founding, iMotorbike has already become a hub for all things related to motorcycles. The company’s offerings cover everything from parts and accessories to services such as financing and insurance. Today, iMotorbike is operating in Malaysia and Vietnam and has achieved USD 2.5 million in revenue during the past year. Speaking to Arteculate Asia, Co-Founder & CEO of iMotorbike, Gil Carmo, shared the company is realizing its vision of transforming motorcycle sales in Asia.
How iMotorbike enables a hassle-free purchase
Gil explained that iMotorbike delivers clarity, transparency, and peace of mind in an enjoyable experience for buyers and sellers. Traditionally, they’d have dealt with plenty of doubt, pain, and uncertainty in the used motorcycle market. These issues predominantly stemmed from the lack of reliable operators with a trusted platform for used bike sales. To resolve this, iMotorbike has taken several steps to ensure trust at all stages of buying and selling a motorcycle.
Gil explained that each motorcycle sold to iMotorbike undergoes an extensive 170-point inspection examining its structural and mechanical soundness. Based on the examination’s findings, the price is agreed upon, funds are deposited into the seller’s account, and legal proceedings are completed. This entire process takes “about 30 minutes. It’s all very transparent and convenient.” Further, data on each motorcycle sold to iMotorbike is recorded in its internal database, so an informed evaluation is guaranteed if it’s ever sold back to the platform.
Meanwhile, on the other side of the coin, buyers can contact iMotorbike to schedule test rides for the bikes they’re interested in purchasing. After they’ve made a decision, the company ensures all the paperwork, such as transferring ownership, insurance, road taxes, and others, all happen effortlessly. Gil adds that buyers also have various financing options; each motorcycle sold includes a 6-month warranty. Finally, iMotorbike has a six-day money-back guarantee if the buyer faces any issues.
The journey of iMotorbike thus far
“The purchase of a motorcycle is an important investment, particularly in Southeast Asia, where a motorcycle can cost up to eight months of a person’s salary. We wanted to ensure people got what they paid for,” shares Gil describing the original spark behind iMotorbike. Before the platform, buying or selling a used motorcycle was no easy task. It was a complicated process for both parties, further compounded by a lack of trust.
iMotorbike was founded by Gil alongside Sharmeen Looi to solve the need for transparency and lack of clarity in a market where up to 87 percent of households own a motorcycle. Before founding iMotorbike, both had over 10 years of experience as entrepreneurs building and scaling startups. Since its inception, iMotorbike has grown into a platform with an established presence in Malaysia and Vietnam – relied upon by over 150,000 users and partnered with 5000+ dealers.
Reflecting on their journey, Gil shares, “With all the advanced technology at our disposal, we recognized the importance of developing a digitalized solution to solve this problem affecting the region’s most used vehicle. For us, iMotorbike combines our passion for the digital world and motorcycles. Many of us have worked in companies such as Lazada and Grab and are petrolheads ourselves.”
The evolving motorcycle market in Southeast Asia
Even as urban infrastructure develops and incomes rise in Southeast Asia, the motorcycle remains a popular mode of transportation for most. Their cost-effectiveness and convenience primarily drive the phenomenon. Owing to these factors, motorcycles are deeply entrenched in Southeast Asian cultures, evidenced by the popularity of MotoGP racing in the region. Considering these factors, Gil predicts that two-wheeled mobility in the region will continue to grow.
He highlights, “It’s easier to navigate urban areas with a motorcycle. They’re also cheaper to run as they use less fuel and are easier to maintain than cars. One thing Gil predicts will change significantly in the market is the use of electrified motorcycles. While mechanically simpler, electric motorcycles are easier to maintain but require new diagnostic technology. “We are already trading electric motorcycles. That number is only going to rise. As the technology develops, it’s an exciting new frontier.,” he commented.
The future of iMotorbike
With its team of highly skilled and dedicated professionals, iMotorbike continues to build on its success. Having established a strong presence in Malaysia and Vietnam, the company is eyeing expanding its regional footprint. Yet, as it grows, Gil reaffirms that it will remain true to its roots. As he puts it in his own words, “iMotorbike remains committed to being a trustworthy convenient platform for buyers and sellers of used motorcycles. We are obsessed with delivering a great experience to the customer, and we believe that anything below a five-star review is simply unacceptable.”