Proton Commerce loan disbursements grew by 54% in 2022

KUALA LUMPUR: Proton sold a total of 141,432 units last year, which was the highest number for the Malaysian-born automaker since 2013. It not only helped the company to retain its second position in the local automotive industry but also aided its subsidiary to hit a new volume record. 

We are talking about Proton Commerce, a joint venture between Proton Edar and CIMB founded in October 2003, which successfully leveraged the company’s increasing sales and disbursed record-breaking loans to Proton buyers in 2022.

Proton Commerce achieved the best results in its history with an annual growth of 54%. It issued 22,467 loans to customers with over 2k disbursements per month in 8 out of 12 months. If we see model-wise, the company remains the lead financier for the popular Saga in 2022. Since the beginning of Q4 2021, Proton Commerce has been the market leader for the model for five consecutive quarters and hit another record by financing 32% of Saga units last November.

“PROTON faced a tough start to 2022 and this had a knock-on effect for Proton Commerce. However, we mounted a recovery and made up for lost ground to emerge with a new disbursement record. For 2023, we aim to grow our volume and approval rates even more by leveraging on the continued popularity of the current Proton model range as well as the introduction of new and updated models. Hopefully, this will propel us forwards to become the number one Proton financier,” said Mooi Fi Phang, Chief Executive Officer, Proton Commerce.

In the new year, Proton’s financing subsidiary further tries to entice buyers by extending the validity of Letters Of Undertaking (LOU) from 90 to 180 days. This would be an added advantage for those who are facing a long waiting time for their desired model.

“Aside from extending the validity of our LOUs, Proton Commerce will also honour the interest rate offered at the time of approval and as we offer fixed rate financing, our customers do not need to worry about increasing monthly payments. This will make it easier for Proton buyers waiting for their cars and help control their personal budgets,” added Mooi Fi Phang.

Also read: Planning to buy a Proton or Perodua? Here’s the model-wise waiting period