Last year, Proton achieved its best sales performance since 2012 with 154,611 units, a fifth consecutive year of expansion. With that, Proton Commerce (PC) benefitted from the growth in sales and the financing arm achieved a record number of loan disbursements.
A collaboration between Proton Edar and CIMB Bank, Proton Commerce provides financing solutions for Proton buyers. In 2023, Proton Commerce extended 27,288 loans, the highest since PC’s establishment. Notably, eight out of 12 months saw more than 2,000 disbursements – March 2023’s 2,934 loans was an all-time monthly high due to the Penjana SST rush.
“Looking at the Proton financing business landscape, our annual market share has demonstrated a steady upward trajectory, progressively advancing from 9% in 2018 to an impressive 18% by the end of 2023, marking the highest market share we have achieved thus far. In January and March 2023, our market position was noteworthy, positioning ourselves as the second-largest entity in terms of market share during this period,” said Mooi Fi Phang, CEO of Proton Commerce.
Proton Commerce CEO, Mooi Fi Phang
Going deeper, PC was the lead financier for the Saga, the best-selling model in Proton’s range. Since Q4 2021, the company has consistently held the lead position for the model, and in 2023, 61% of total loan disbursements were for the entry-level sedan.
“The company’s growth momentum was set in 2022 despite the initial challenges faced by Proton in the early part of the year. Proton Commerce demonstrated resilience, staging a recovery to set a new record in disbursements in 2022 and this echoed throughout 2023 with a growth rate of 21%,” Mooi said.
This year is PC’s 20th anniversary and the company is aiming to be the top financier for Proton. “Proton Commerce aspires to ascend to the position of the foremost Proton financier. In addition to honouring the interest rate offered at the time of approval, we will also offer competitive finance packages for Proton’s newest models such as the X90 and S70 while also reaching out to EV customers who are interested to purchase the smart #1,” Mooi said.
“With our fixed-rate financing, customers can rest assured of consistent monthly payments, providing ease to those awaiting their Proton vehicles and facilitating better budget management,” he added.
The post Proton Commerce disbursed 27,288 loans in 2023, a record for the brand’s financing arm – aims to be No.1 appeared first on Paul Tan’s Automotive News.
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