Carmine

What Carmine does

Carmine, legally MH CARMINE SDN BHD, is a privately held Malaysian used-car e-commerce marketplace founded in 2022 and headquartered in Kuala Lumpur. The company operates carmine.my, a consumer-facing platform where Malaysian buyers and sellers can browse certified pre-owned inventory, request free valuations (online, at-center, or doorstep in Klang Valley), and complete transactions supported by a 175-point inspection, a 6-day money-back guarantee, and a 12-month warranty. A separate dealer bidding portal at bidding.carmine.my extends the platform into B2B wholesale vehicle sourcing for licensed dealers.

The platform's technical stack centers on an e-commerce marketplace with integrated valuation, financing calculator, and inventory management tools. Quality control is anchored by a proprietary 175-point inspection covering body, interior, mechanical, and wheel components, paired with PUSPPAKOM B5 pre-inspection reports. The site maintains an active social presence across Facebook, Instagram, TikTok, YouTube, and LinkedIn and supports direct customer engagement via WhatsApp and phone.

Carmine earns revenue through three primary streams: (1) used-car sales margin on vehicles purchased from sellers and resold to buyers; (2) financing services facilitated through hire-purchase licenses acquired from several local banks, earning referral or processing fees; and (3) insurance referral fees from five partner providers (Zurich, AmAssurance, Allianz, Zurich Takaful, Etiqa Takaful). Pricing is transaction-based with individual vehicle prices and monthly financing payments displayed per listing, and financing is typically structured as 85% loan, 15% downpayment. The company serves individual buyers and sellers across B40, M40, and T20 income brackets and a wholesale dealer base, with all activity currently concentrated in the Klang Valley region.

Name

Carmine

Legal name

MH CARMINE SDN BHD

Website

https://carmine.my

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Carmine (MH CARMINE SDN BHD) is a Kuala Lumpur-based used-car e-commerce marketplace founded in 2022, offering certified pre-owned vehicle listings, free valuations, financing, and insurance referrals to Malaysian consumers and a B2B dealer bidding portal to licensed dealers.

Ownership category

akta.pro rank

Product category

Used Car Marketplace

NAICS

Used Car Dealers (441120)

SIC

Retail-Auto Dealers & Gasoline Stations (5500)

akta.pro primary industry

Automotive Vehicles & Parts C2C (CRAFAKAE)

Keywords

• Used car marketplace
• Online car dealership
• Car financing services
• Vehicle inspection services
• Dealer auction platform

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Used Car Sales Margin: Carmine purchases used cars from sellers at competitive prices and resells them to buyers, earning margin on the difference. The platform handles inspection, valuation, and documentation.
2. Financing Services: The company has acquired hire purchase licenses from several local banks, enabling them to facilitate car loan origination and earn referral or processing fees on financing deals.
3. Insurance Referral: Carmine partners with multiple insurance providers (Zurich, AmAssurance, Allianz, Zurich Takaful, Etiqa Takaful) and earns referral fees when customers purchase vehicle insurance through the platform.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Carmine is a Malaysian online used car marketplace that buys pre-owned vehicles from sellers, subjects them to a 175-point inspection with PUSPPAKOM reports, and resells them to buyers through its e-commerce platform and two physical showrooms in Kuala Lumpur. The platform bundles ancillary services including hire-purchase car financing through bank partners, vehicle insurance referrals from five Malaysian insurers, and a separate dealer-to-dealer wholesale bidding portal.

Product overview

Carmine is a Malaysian used car e-commerce platform operating as a single integrated marketplace that connects buyers and sellers of pre-owned vehicles. The platform combines a consumer-facing car marketplace (Buy Car, Sell Car), a dealer-to-dealer bidding platform (Dealer Bidding Platform), and embedded ancillary services (Car Loan financing through bank hire purchase partnerships, and Car Insurance via multiple Malaysian insurer partnerships). All listed consumer vehicles carry the CARMINE Certified designation, backed by a 175-point inspection, 6-day money-back guarantee, and 12-month warranty. The platform's core differentiator is its fully online, end-to-end process spanning valuation, inspection, financing, insurance, and fast payment.

Differentiator

Problem solved

Functional benefit

Products and services

• Buy Car Online marketplace for browsing and purchasing certified pre-owned vehicles in Malaysia. Each listing includes photos, specifications, financing estimates, and a CARMINE Certified badge backed by a 175-point inspection, 6-day money-back guarantee, and 12-month warranty. Targeted at individual Malaysian car buyers.
• Sell Car Online service for vehicle owners to receive a free valuation, schedule a doorstep or centre-based inspection, negotiate a price, and receive payment within 24 hours of deal signing. Targeted at individual Malaysian car sellers.
• Car Loan Hire-purchase financing service offered in partnership with multiple local Malaysian banks. Includes an online car loan calculator for monthly repayment estimates, budget planning assistance, and pre-approval options with loan tenures of up to 9 years. Targeted at individual car buyers requiring financing.
• Car Insurance Vehicle insurance comparison and purchase service that connects customers to coverage options from five Malaysian insurers: Zurich Insurance, AmAssurance, Allianz Malaysia, Zurich Takaful, and Etiqa Takaful. Targeted at car buyers needing Shariah-compliant or conventional vehicle coverage.
• Dealer Bidding Platform B2B online auction and bidding portal accessible at bidding.carmine.my that gives licensed car dealers access to wholesale vehicle inventory and enables dealer-only auctions. Targeted at car dealers sourcing pre-owned inventory for their own retail operations.

Quantifiable outcome

• Fast payment within 3 days for sellers
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered minor.

• Zurich InsuranceminorGTM or Marketing PartnerInsurance partner providing vehicle insurance products to Carmine customers through the platform. Listed as one of five insurance partners offering coverage options for car buyers.
• AmAssuranceminorGTM or Marketing PartnerInsurance partner providing vehicle insurance products through the Carmine platform.
• Allianz MalaysiaminorGTM or Marketing PartnerInsurance partner offering vehicle coverage through the Carmine platform.
• Zurich TakafulminorGTM or Marketing PartnerIslamic insurance partner providing takaful coverage options for Muslim customers through the platform.
• Etiqa TakafulminorGTM or Marketing PartnerTakaful insurance partner serving Carmine customers seeking Shariah-compliant insurance products.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Carvana: US online used car retailer with integrated financing, inspection, warranty, and home delivery. Comparable end-to-end digital used car purchase experience and trust-building guarantees (7-day money-back), though operating at vastly larger scale.

Direct peers

• Carro: Singapore-headquartered used car marketplace with full Malaysia operations, offering car buying, selling, financing, and dealer auctions. Closely mirrors Carmine's omnichannel model with integrated fintech and dealer-side services.
• MyTukar: Malaysian used car platform that buys and resells vehicles with home inspection, valuation, and dealer offerings. Operates in the same primary market as Carmine with comparable consumer-facing inspection and resale model.
• Carro Singapore: Carro's primary Singapore marketplace offering used car listings, inspection, and financing. Operates the same business model in a neighboring market with cross-border Southeast Asia applicability for Carmine's potential expansion.
• Carsome: Malaysia's largest used car e-commerce platform offering inspection, financing, and direct purchase of pre-owned vehicles. Directly competes with Carmine across the same consumer segments in Malaysia with overlapping inspection, warranty, and dealer services.

Regional players

• CarDekho: India's leading new and used car platform with extensive dealer network and financing integrations. Operates comparable omnichannel used car marketplace model in a different Southeast Asian-adjacent geography.
• OLX Indonesia (OLX Mobil): Major Southeast Asian classifieds platform with a dedicated used car vertical serving Indonesia. Comparable regional online vehicle marketplace with peer-to-peer listings rather than direct purchase model.
• Carro Indonesia (Belva): Indonesia-focused used car marketplace that integrates financing and dealer auctions. Operates the same Carro platform model in a Southeast Asian geography adjacent to Carmine's home market.

Emerging players

• iCar Asia (Cahaya Motor Holdings): Malaysian auto listing portal focused on classified listings for new and used vehicles. Operates adjacent to Carmine in Malaysia's online auto classifieds space with overlapping buyer intent but a different transaction model.
• Mudah.my (Cars section): Malaysia's leading general classifieds site with a prominent used car vertical. Competes for organic search and seller attention in Malaysia's online used car marketplace but offers peer-to-peer listings rather than Carmine's direct purchase model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@CarMineMY
• Facebookfacebook.com/carmine.malaysia
• LinkedInlinkedin.com/company/carmine-my
• Instagraminstagram.com/carmine.malaysia
• TikToktiktok.com/@carmine.malaysia

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carmine