The Philippines is one of the fastest-growing used car markets globally, with an industry value of $8 billion, driven by rising incomes, increasing middle-class demand, and limited public transportation options. Small dealerships and family-run businesses dominate over 90% of car sales, yet access to affordable credit remains a significant barrier for growth. Unlike in Europe and the U.S., where banks play a major role in financing used car transactions, the financing rates in the Philippines are up to three times lower due to limited banking involvement.
OneLot, a Philippine-based fintech company, is addressing this gap by offering flexible and customer-centric loan products tailored to the unique needs of used car dealers. By utilizing an AI-powered underwriting algorithm, OneLot processes loan applications and disburses capital within hours, enabling dealers to scale their businesses faster. Their proprietary loan management system also ensures quick processing while optimizing profitability and managing risk effectively.
Founded by Tommy Campos, Harm-Julian Schumacher, and Subramaniam Srinivasan, who previously collaborated on DART—a quick commerce grocery delivery app—OneLot brings a wealth of experience in car dealership operations, SME financing, and digital innovation. Schumacher, the company’s CEO, brings a personal connection to the industry, having grown up around his family’s car dealership in Germany. He recalls how financial institutions in Germany supported dealerships with a range of loan solutions throughout the value chain—a model that inspired OneLot’s mission to empower dealers in the Philippines.
“Our platform is designed with dealers’ needs in mind, avoiding the cumbersome procedures typical in financing. Thanks to our AI-driven processes, we offer higher credit limits, competitive interest rates, and faster fund disbursement than anyone else in the market,” says CTO Subramaniam Srinivasan.
OneLot’s early customers, like Phillip “Ipe” Borleo, owner of PMB Cars in Quezon City, are already seeing the benefits. “With OneLot’s support, I can now buy and sell an additional 7-8 cars each month. The fund disbursement process is incredibly fast, taking just a few hours,” Borleo shared.
Since its launch earlier this year, OneLot has financed over 200 vehicles, achieving a 10x revenue growth in Q2 2024. This rapid expansion highlights the growing demand for their innovative financing solutions.
“Once a dealer partners with OneLot, they can quickly scale their inventory, which drives significant revenue and profitability growth. Our customer retention rate exceeds 90%,” says COO Tommy Campos. Looking ahead, the company plans to expand its services to more dealerships and further develop its AI-driven products in the coming months.
OneLot provides working capital financing exclusively to used car dealers in the Philippines. By offering credit lines based on a data-driven, AI-enabled assessment of their business, OneLot helps dealers expand their inventory, reach more customers, and boost profitability.
For more information, visit www.onelot.ph or contact [email protected].
