Proton Commerce disbursed record-breaking loans in 2023

KUALA LUMPUR: Proton proudly maintained its position as the second-largest automaker in Malaysia for the fifth consecutive year in 2023 by selling a total of 154,611 cars. Adding to this success, the automaker’s financing arm, Proton Commerce, also achieved a new volume record.

Proton Commerce, a joint venture between Proton Edar and CIMB founded in October 2003, successfully leveraged the brand’s increasing sales and disbursed record-breaking loans to buyers in 2023. It issued 27,288 loans with over 2k disbursements per month in 8 out of 12 months. Notably, it is the highest ever in the company’s history, representing a 21.4% growth over the 22,467 loans extended in 2022. 

The firm also remains the lead financier for the popular Saga last year with 61% of total loan disbursements dedicated to this brand’s selling model.

Upon this achievement, Mooi Fi Phang, CEO of Proton Commerce said, “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.”

“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 added.

Looking ahead, the company aims to be the top financier for Proton with good interest rates and affordable finance deals for Proton’s latest models like the X90 and S70. Also, it plans to connect with EV customers looking to buy the smart #1.

“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.

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