Proton and its subsidiaries had a great 2022. Will this year be better?
2022 was a successful year for the Malaysian carmaker, PROTON, and its subsidiaries. The company achieved its highest sales since 2013, reaching a total of 141,432 units. They also maintained their 2nd place sales position nationally behind Perodua.
One of PROTON’s subsidiaries, Proton Commerce Sdn. Bhd., also capitalized on this growth and posted record-breaking results. Proton Commerce was established in 2003 as a joint venture between Proton Edar and CIMB with the purpose of providing finance for PROTON buyers. The company’s performance has closely mirrored PROTON’s sales trajectory, and in 2022, it posted the best results in its history. Loan disbursements increased by 54% compared to the previous year, setting a new volume record of 22,467 loans issued to PROTON buyers. This growth was accompanied by an increase in loan approval rates, reaching a high of 59% in May and June.
Another highlight of the year for Proton Commerce was its achievement of being the lead financer for the Proton Saga, the most popular model in the PROTON range. Starting from the fourth quarter of 2021, Proton Commerce has been the market leader for five consecutive quarters, financing 32% of the Proton Saga units sold in November, a new record high.
The CEO of Proton Commerce, Mooi Fi Phang, stated that for 2023, the company aims to grow its volume and approval rates even further by leveraging the popularity of the current PROTON model range and the introduction of new and updated models. The goal is to become the number one PROTON financier overall.
Extended the Validity of Letters of Undertaking
One month into the new year, Proton Commerce announced a new benefit for its customers. Effective immediately, the validity of Letters of Undertaking (LOUs) issued will be extended from 90 to 180 days, making it more convenient for PROTON buyers who face a long waiting time for the variant of their choice. The company will also honor the interest rate offered at the time of approval, and with fixed rate financing, customers will not need to worry about increasing monthly payments. This will make it easier for PROTON buyers to manage their personal budgets while they wait for their cars.
