market_report

6.1 Market

Slide 1 - Cover (LAVisions layout)layout: title_hero · 16:9
Octane
Market Opportunity
Where we win, and why.
MK 01 / 10
Market opportunity
A S$11.4B ASEAN market with an empty S$300k to S$3M corridor
TAMSAMSOM
S$11.4BTotal Addressable Market
Annual used prestige units x average ticket across six ASEAN markets, growing 5.9% a year
Singapore, Malaysia, Indonesia, Thailand, Hong Kong and the Philippines.
S$3.2BServiceable Addressable Market
The S$300k-plus prestige slice, growing 7.4% a year
The prestige corridor, faster than the market it sits inside.
S$520MServiceable Obtainable Market
Octane revenue by 2028: 1,360 cars times S$382k blended revenue
880 marketplace closes plus trade, consignment and services, at 28% gross margin.
MK 02 / 10
Why now
The category just became venture-backable
01
Carro validated the category
Carro filed for a US listing in August 2025 targeting more than US$3B. The regional used-car category is now priced at scale.
02
Asset-light is back in favour
Cazoo raised more than US$1B, took title on every car and collapsed in 2024. Investors have re-anchored toward asset-light models.
03
Discovery moved online
Singapore online car discovery compounds at 10.2 percent a year. 76 percent of ASEAN supercar buyers cite YouTube familiarity as a top-three trust signal.
MK 03 / 10
Business model
Fee-led marketplace with a trade and services stack
Main income
Marketplace deposit-fee per car
A tiered fee on listing inquiry that converts to deposit on close. Take walks from 2.6 percent in 2025 to 3.7 percent by 2028, above 80 percent contribution because Octane never holds the car.
Unit economics
Unit Economics
S$91,200 gross profit per car against a S$13,300 blended acquisition cost, payback under one transaction.
MK 04 / 10
Total Addressable Market
Bottom-up by ASEAN market Total addressable market = annual used prestige units x average ticket, summed across the six markets Market-by-market across the six ASEAN prestige markets unit a = annual used prestige units in the market; unit b = sale per car per year; unit c = average used prestige ticket in the market
S$11.4B
Singapore and Hong Kong Annual units 22,000 Sales per car 1 Average ticket S$250,000 S$5.5B
Malaysia and Thailand Annual units 30,000 Sales per car 1 Average ticket S$130,000 S$3.9B
Indonesia and the Philippines Annual units 25,000 Sales per car 1 Average ticket S$80,000 S$2.0B
5.9% Compound Annual Growth Rate (2025 to 2029), source: Frost & Sullivan ASEAN used luxury vehicle projection Bottom-up, Market Opportunity report 2025
MK 05 / 10
Serviceable Addressable Market S$3.2B

Filters applied to TAM:

Ticket band: S$300k-plus prestige corridor only - 40% concentrates the market on the S$300k to S$3M corridor and excludes the mass used tail
Geography: markets Octane can reach in 24 to 36 months - 85% excludes prestige volume in markets outside the Singapore, KL, Jakarta and Hong Kong rollout
Discovery: buyers who research and transact online - 90% excludes the small share of buyers who transact only through private dealer relationships
Channel: cars transactable through a marketplace, not OEM-locked - 92% excludes new-allocation and OEM-restricted cars that never reach an open marketplace
S$11.4B x 40% x 85% x 90% x 92% = S$3.2B Serviceable Addressable Market
TAM
× 90%
× 89%
× 99%
× 99%
SAM
MK 06 / 10
Serviceable Obtainable Market Our target in 5 years S$520M
Year tam unit a label tam unit b label tam unit c label Total
Y1 y1 unit a count y1 unit b rate y1 unit c value y1 total
Y2 y2 unit a count y2 unit b rate y2 unit c value y2 total
Y3 y3 unit a count y3 unit b rate y3 unit c value y3 total
Y4 y4 unit a count y4 unit b rate y4 unit c value y4 total
Y5 y5 unit a count y5 unit b rate y5 unit c value y5 total
Active users01M2M3M4M150K600K1.4M2.6M3.8MYear 1Year 2Year 3Year 4Year 5
MK 07 / 10
Industry Growth and CAGR5.9% Compound Annual Growth Rate through 2029
1×2×3×1.0×3.3×27% CAGR202520262027202820292030Frost & Sullivan and Mordor Intelligence, 2025
ASEAN luxury used vehicles S$11.4B, +5.9% year over year 2025 | https://www.frost.com/
S$300k-plus prestige slice growing 7.4% a year | https://www.frost.com/
Singapore online car discovery +10.2% year over year | https://www.mordorintelligence.com/
Singapore prestige used market US$5.04B at 7.49% Compound Annual Growth Rate through 2031 | https://www.mordorintelligence.com/
MK 08 / 10
Market Challenges Four real risks, and each one is also an opening for Octane
COE and ARF policy volatility Category B COE averaged S$108k in 2024 against a S$130k peak, and every S$10k swing rewrites the trade book The marketplace fee line is largely COE-agnostic because Octane never takes title
CPFTA Lemon Law liability Statutory liability adds a 1 to 2 percent drag on every dealer-held car Peer-to-peer design keeps title and statutory exposure with the seller, off Octane's books
Incumbents move up-market A Toyota Financial Services prestige sub-brand or a post-IPO Carro up-market move could enter the corridor Win the corridor first, compound the audience and trader trust inside the 24-month window
Marketplace adoption sequencing A two-sided marketplace needs supply and demand to arrive together, and 15 closes is not yet a vintage cohort Seed both sides from the showroom, the trader network and zero-cost YouTube inbound
MK 09 / 10
Key Takeaway The S$300k to S$3M corridor, visible, defensible, profitable
Total Addressable Market S$11.4B
Serviceable Addressable Market S$3.2B
Serviceable Obtainable Market S$520M
Compound Annual Growth Rate 5.90%
MK 10 / 10