Proton Commerce enjoyed record-setting 2023

SUBANG JAYA: Proton Commerce Sdn Bhd, the financing arm of national carmaker Proton, benefitted from the automaker's fifth consecutive year of expansion in 2023.

Last year, Proton sales soared to an impressive 154,611 units, marking the company's highest sales figure since 2012 and retaining its position as the second-highest performer in the national automotive sales rankings.

In parallel, Proton Commerce achieved a record number of loan disbursements.

A collaboration between Proton Edar and CIMB Bank, Proton Commerce provides financing solutions for Proton buyers.

“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 Proton Commerce CEO Mooi Fi Phang.

The company aims to reach even higher targets in 2024 as it strives to be the number one financier of Proton vehicles.

Mr Mooi Fi Phang, CEO Proton Commerce (Custom)

Throughout 2023, Proton Commerce extended a total of 27,288 loans to Proton buyers, setting a new high watermark for the highest ever number of disbursements recorded since its establishment.

Notably, eight out of 12  months saw more than 2,000 disbursements, with March reaching an all-time high of 2,934, a figure achieved due to the rush to deliver bookings made during the Penjana incentive period.

A notable accolade for Proton Commerce in the past year was securing its status as the lead financier for the Saga, the best-selling model in the Proton lineup.

Since Q4 2021, the company has consistently held the leadership position for the model, and in 2023, 61% of total loan disbursements were for the Saga.

"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%,” said Mooi.

As 2024 marks Proton Commerce’s 20th anniversary, the company has lined-up plans to move its business to greater heights by leveraging on the sustained popularity of the existing Proton model range as well as the expected surge in demand for the new S70.

“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.

Proton S70 (Custom)
Autos Proton