Proton Commerce Sets New Records in 2023, Aims for Greater Heights

  • Unprecedented levels of loan disbursements for the financing arm

Subang Jaya, 29 January 2024 – National car manufacturer PROTON and its affiliates celebrated a victorious 2023. Marking its fifth consecutive year of growth, total sales skyrocketed to a remarkable 154,611 units. This is the highest sales figure since 2012, securing PROTON’s place as the second top performer in the national automotive sales rankings. Proton Commerce Sdn. Bhd. (Proton Commerce), PROTON’s financing division, rode this wave of success, achieving a record number of loan disbursements.

Mr Mooi Fi Phang, CEO Proton Commerce

Proton Commerce, a joint venture between Proton Edar and CIMB Bank, offers financing solutions for Proton buyers. The company’s performance has mirrored the upward trend of PROTON’s sales over the past five years. With this momentum, Proton Commerce sets its sights on becoming the top financier of Proton vehicles in 2024.

Proton Commerce Achieves Record Loan Disbursements, Becomes Lead Financier for Proton Saga

In 2023, Proton Commerce granted a total of 27,288 loans to Proton buyers, setting a new record for the highest number of disbursements since its inception. Notably, more than 2,000 disbursements were made in eight out of twelve months, with March seeing a record high of 2,934 disbursements, largely due to the rush to fulfill bookings made during the PENJANA incentive period.

Mooi Fi Phang, Chief Executive Officer of Proton Commerce, noted, “Our annual market share has shown a consistent upward trend, rising from 9% in 2018 to a remarkable 18% by the end of 2023. This is the highest market share we’ve achieved to date. In January and March 2023, we stood out as the second-largest entity in terms of market share.”

A significant achievement for Proton Commerce last year was becoming the lead financier for the Proton Saga, PROTON’s best-selling model. Since Q4 2021, the company has consistently held the leadership position for the model, with 61% of total loan disbursements in 2023 being for the Proton Saga.

Reflecting on this success, Mooi stated, “Despite initial challenges faced by PROTON early in 2022, Proton Commerce showed resilience, recovering to set a new disbursement record in 2022. This growth continued into 2023 with a growth rate of 21%.”

As Proton Commerce celebrates its 20th Anniversary in 2024, the company has strategic plans to elevate its business further. It aims to leverage the sustained popularity of the existing Proton model range and the anticipated surge in demand for the new Proton S70.

Proton Commerce Strives to Become the Premier Proton Financier

“Proton Commerce aims to become the leading Proton financier. We will honor the interest rate offered at the time of approval and also offer competitive finance packages for Proton’s newest models such as the X90 and S70. We will also cater to EV customers interested in purchasing the smart #1. With our fixed-rate financing, customers can expect consistent monthly payments, easing the wait for their Proton vehicles and facilitating better budget management,” Mooi added.