Proton Commerce had a record-breaking 2022, aims to be the lead financier for 2023

While Proton itself had a successful 2022 with a fourth consecutive year of growth pushed that saw total sales of 141,432 units, its financing arm, Proton Commerce, had an equally prosperous year.

Proton’s total sales saw retain second place in the local sales table with the most units sold since 2013. A lot of that success was courtesy of Proton Commerce capitalising on the growth in sales that led to a record-breaking number of loan disbursements.

Having been incorporated on 27 October 2003, Proton Commerce is a joint venture between Proton Edar and CIMB with the aim of providing financing for Proton buyers. The company posted their best results in their history for 2022.

Also Read: Old vs New – Updated 2022 Proton Saga: What has Proton improved on its entry sedan?

All in for 2022, the company issued 22,467 loans to Proton buyers. The numbers were achieved as they disbursed over 2,000 loans for 8 out of the 12 months. September set an all-time high of 2,872.

This translated into a volume growth of 54 per cent over 2021 and is also a new volume record.

Also Read: Here's the latest waiting period for 2023 Proton models

Spearheading the increase in loan disbursements was naturally an increase in loan approval rates, led by an all-time high in approvals for May and June 2022 at 59 per cent. Much of that success can be attributed to the people’s car as it was the lead financier for the Proton Saga.

Beginning from Q4 2021, Proton Commerce has been the market leader for the model for five consecutive quarters, which was punctuated by financing 32 per cent of Saga units sold last November, another new highwater mark.

“Aside from extending the validity of our LoUs, Proton Commerce will also honour the interest rate offered at the time of approval and as we offer fixed rate financing, our customers do not need to worry about increasing monthly payments. This will make it easier for Proton buyers waiting for their cars and help control their personal budgets,” said Mooi Fi Phang, Chief Executive Officer, Proton Commerce.

Also Read: Proton Saga emerges as best-selling Proton of 2022 but how do the others fare?

The company has hit the ground running in 2023 as just one month into the new year, it has announced a new benefit for its customers. Effective immediately, the validity of Letters of Undertaking (LOU) issued will be extended from 90 to 180 days making it more convenient for buyers of Proton models who face a long waiting time for the variant of their choice.

Oops... Something broke.
    Channel:
Follow our socials:
Dinesh

Writer

“Better late than never.” Some despise it, others begrudgingly agree with it but he swears by it… much to the chagrin of ever...

Get a deal on your trade in within 24 hours!

users traded-in for dream car
Add your car

Upgrade

Proton Saga

Related Used Car

Quality Cars Guaranteed

Fixed Price No Hidden Fees

5-Day Money-back Guarantee

1-Year Warranty

View More

Related Short Videos

Related Videos

What Does It Mean To Be Malaysian?

SOLD: 2022 Proton Saga Premium S 1.3L MC2, What's Next?

Installing 16-inch Advanti Storm S1 Flow Form Wheels on 2023 Proton Saga Premium S

Why did I Buy a 2022 Proton Saga Premium S?

First Accessories & Modification on My 2022 Proton Saga Premium S!

Latest News

8% service tax: Car maintenance cost likely to go up in 2024, continuity of free service packages in doubt

Yesterday’s tabling of Budget 2024 proposed for the current service tax rate of 6 percent to be increased to 8 percent. The scope of the new service tax will also be expanded to include logistics, meaning that the cost to transport finished cars and automotive parts will be higher next year. Details on effective implementation date, or guidelines for car workshops are still lacking so we will have to wait for a separate announcement from Customs. The use of the term service tax is also causing a

Review: Chery Omoda 5 in Malaysia - Bang-for-buck hero does its best to exorcise ghosts of Chery's past

Something about rising tides and lifting boats paints the picture of the Chinese car industry, and among the pleathora of startup small boats rolling into the vast sea you have your vessels; built on the back of years of trial and error, no doubt buoyed with a full coffer. Of course, for a fair few companies, the motivation to chart new waters is to correct missteps of years prior. 奇瑞, or Chery to you and I, will know very well what the latter means. Yesteryear's QQ and A160 were a crack at the

Burning Proton X70 incident: Car now in Proton's possession, cause and findings to be updated after investigations

Proton has issued a statement in regards to a recent viral video, in which a Proton X70 caught fire. The particular vehicle is in the company's possession already. Further findings will be announced upon completion of investigation. Here is the statement in full, released on 13-October 2023: "Proton would like to issue a statement with regards to a video currently circulating depicting a thermal incident on a new Proton X70. We are aware of the incident and would like to thank concerned parties

Gentari wants to expand hydrogen supply biz, welcomes Budget 2024's recognition for EV and home solar services

Following today’s tabling of Budget 2024, Petronas’ green energy arm Gentari welcomes the recognition by Prime Minister Anwar when Gentari’s contribution to Malaysia was highlighted. Gentari CEO Sushil Purohit said, “Gentari is proud to be recognised in Budget 2024, a testament to our growing role in Malaysia’s clean energy ecosystem since our launch last year. We observe with great optimism the clean energy transition initiatives and incentives etched within Malaysia’s Budget 2024 and it is par

BMW Group Malaysia claims No.1 premium EV brand title for 2023, welcomes spending on charging facilities and TVET upskilling

BMW Group Malaysia has sold over 1,700 units of fully electric BMW i and MINI EV models in the first eight months of 2023, a sum which the company says positions it as the No.1 Premium EV provider in the country. In response to today’s tabling of Budget 2024, Managing Director Hans de Visser welcomes the extension of income tax relief for expenses on EV charging facilities. “Looking to the future, the need to accelerate the adoption of EVs as a greener and more efficient solution to transportati

Recommended Cars

PopularLatestUpdates
Hot
Mitsubishi

Mitsubishi Xpander

RM 99,980

View Model
Mercedes-Benz

Mercedes-Benz AMG GT 63

RM 2,088,888

View Model
Honda

Honda Civic Type R

RM 330,002 - 399,900

View Model
Upcoming
Volvo

Volvo EX30

TBC

View Model
Rolls Royce

Rolls Royce Spectre

RM 2,000,000

View Model

Comparison of Related Cars

Proton Saga
View Now