Carmudi Philippines CEO Cholo Syquia noted that more consumers go online for their purchases, an increasing number of companies are beefing up their online spend to reach wider audiences, increase site visits, and maximize their revenue potential.
Syquia further revealed that most of its advertising revenues come from brand new cars or OEMs because these companies have bigger marketing budget allocations. The OEMs contribute 60 to 80 percent of its business. This is because the group has the biggest digital audience in this space with over 10.7 million users and 17.6 million sessions as of 2019.
Ancillary businesses such as financing companies, insurance, and other maintenance products like tires, lubricants, and batteries are also trying to ride the digital wave. Syquia expressed optimism this trend is being sustained for a long time.
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