Proton Commerce had helped finance nearly 1 in every 5 cars Protons sold in 2023.
2023 looked to be quite a good year for Proton, as the delivery of 154,611 cars last year saw the Malaysian automaker achieve its highest sales figure for over a decade. Though another less talked about area where it had also set an all-time high throughout the last 12 months was for its own financing arm to have achieved a record number of loan disbursements.
Thanks in part due to the stellar sales experienced by the Malaysian automaker last year, Proton Commerce has indeed managed to achieve its best-ever year in the two decades since its foundation. 2023 saw the financing arm extend a total of 27,288 loans to Proton buyers, which does incidentally equate for nearly 1 in every 5 proton cars sold last year to have been financed through Proton Finance.
Delving deeper into the statistics too, eight out of twelve months in 2023 witnessed more than 2,000 disbursements by Proton Commerce. March in particular was a good month for the financing arm, with loans provided reaching an all-time high of 2,934, due to the rush to deliver bookings made during the PENJANA incentive period.
Another notable accolade for Proton Commerce in the past year was for it to secure its status as the lead financier for the Saga, the best-selling model in the Malaysian automaker’s lineup. he financing arm has consistently held the leadership position for the model since Q4 2021, and in 2023, 61% of total loan disbursements were for this entry-level sedan.
A collaborative effort between Proton Edar and CIMB Bank provides financing solutions for Proton buyers, Proton Finance currently aims to reach even higher in 2024 as it strives to be the number one financier of Proton vehicles this year. The company stated that it has lined-up strategic plans to up-lift its business to greater heights in the next 12 months, by leveraging on the sustained popularity of the existing Proton model range as well as the expected surge in demand for the new S70.
“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, Chief Executive Officer of Proton Commerce.
Remarking on the achievement, Mooi stated, “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%.”
“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. 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,” Mooi added.