Meeting Filipinos’ mobility needs one ride at a time is becoming increasingly attainable through quality pre-owned vehicles — a market that a financial technology firm is now actively promoting.

In a country where people face daily road challenges — from heavy traffic to natural disasters that disrupt work and productivity, OneLot has recognized the growing demand for convenient, reliable transportation.

One of the minds behind this innovation, OneLot’s co-founder and chief executive officer, Harm Julian Schumacher, shared that everyday practicality, combined with the fact that new car sales grow 10 percent yearly (fueling more used-car trading), opened the gate for OneLot to step in and fill the gap that banks have yet to address.

Road-shaping mindset

Used cars are 20 to 30 percent cheaper and more accessible for Filipinos. However, banks still avoid financing used-car dealers, leaving potential buyers and small entrepreneurs underserved. Unlike big banks, which grow with the broader economy and are not motivated to explore unfamiliar segments, OneLot took a bold step.

Schumacher and his team know how to do it right. They focus on dealers rather than buyers, most of whom are family-run businesses relying on manual systems. As he said, “Ninety percent of customers don’t have access to bank loans to help them grow the business.”

So what exactly is this fintech doing?

OneLot acts as an extended family to these dealership companies — helping them through inventory financing solutions.

“We finance their own fleet in their showroom so they can grow from 20 to 30 cars,” Schumacher explained.

Beyond financing, OneLot provides tools, data, and support to help dealers operate more efficiently. The company also serves as a model for banks that want to tap the used-car market through OneLot’s systems. Schumacher confidently shared how they maximize artificial intelligence in their operations.

“At this point, it’s all about pricing the car and understanding the value. And there we have a lot of machine learning technology,” he said. Their AI evaluates mileage, condition, variant, transmission, damage, and documentation. It has collected over 1.5 million car price points in one year and conducted more than 1,000 physical inspections.

Mobility market innovation

Great effort yields real results. OneLot recently closed the largest Philippine seed round of the year.

Schumacher expresses confidence in the company’s leadership and its ability to help families grow their dealerships from 10 to 20, and even to 50 cars, translating into more employment and income for Filipino households.

“It’s a vote of confidence for OneLot… and a vote of confidence for the Philippines,” Schumacher proudly said.

Focusing on used cars also means they are not adding new vehicles to already congested roads, preventing further traffic burdens for commuters.

Trust from their customers is evident: in just 18 months, OneLot has issued over $7 million (P400 million) in loans, driven by fast approvals and strong dealer relationships.

“We are not transactional. We’re not thinking loan to loan to loan. We’re thinking about being the right long-term partner,” Schumacher emphasized.

OneLot has already achieved strong milestones, but this is only the beginning. They are expanding beyond Metro Manila, rolling out in Cebu, Ilocos, Baguio and Davao. The terrain, however, is different. As Schumacher described, prices in Manila are significantly lower because 60 to 70 percent of cars are concentrated there, creating heavy competition. In the provinces, options are more limited, making cars like the Vios pricier.

Still, the company’s strong leadership positions them well for success in the world of car sourcing, financing, inventory management and selling.