Proton Commerce, the financing arm of Proton, has seen record-setting growth in 2023, reflecting the number of Proton vehicles sold last year. Achieving a record number of loan disbursements in 2023 has emboldened the financing arm to raise its target for 2024.
A collaboration between Proton Edar and CIMB Bank, Proton Commerce provides financing solutions for Proton buyers and the company’s performance mirrors the upward trajectory of PROTON’s sales over the past five years.
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 twelve months witnessed 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.
“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.
Lead financier for the Proton Saga
A notable accolade for Proton Commerce in the past year was securing its status as the lead financier for the Proton 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 Proton Saga.
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%.”
As 2024 marks Proton Commerce’s 20th Anniversary, the company has lined up strategic plans to up-lift 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 Proton 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 in purchasing 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.
