Premium Financial Services Co (PFS), a Japanese provider of automobile credit score finance solutions, teamed up with SET-listed Eastern Business Leasing Plc (ECL) to tap into Thailand’;s thriving automotive market place.
Headquartered in Tokyo, PFS, which also gives warranties on utilized-cars, insurance coverage companies, and arranging and income of financial items and services, entered into a company partnership yesterday with ECL, which operates hire acquire companies of employed-autos in Thailand.
“The Thai automotive sector is the most mature industry in this region in terms of output, revenue and financial services,” explained Yohichi Shibata, PFS’;s president and chief executive. “Distributions of second-hand automobiles are also growing, which opens up new company options.”
The Automotive Market Club of the Federation of Thai Industries (FTI) reported car manufacturing in 2013 stood at 2.457 million units, a record more than 52 many years, with domestic sales at 1.33 million units.
Japanese car makers have a dominant industry share in Thailand, controlling up to 90% and developing.
Thailand’;s employed-auto marketplace was estimated to be well worth 600 billion baht in 2013, even though the leasing portfolio for the market place is worth about 200 billion baht.
“Employed-vehicle fiscal service is now very sturdy in Thailand, but warranties on utilized-automobiles even now require to be enhanced,” he stated.
Thailand is the initial country in which PFS secured a partnership. It is also seeking for partners in Indonesia and Vietnam for discounts above the subsequent 3 many years.
Established in July 2007, PFS operated 15 offices and eleven,484 utilized-vehicle distributors nationwide as of last September. PFS aims to improve its distributors to 20,000 by 2015. PFS now offers warranties for over 270,000 used-cars.
Danucha Verapong, ECL’;s chief executive, mentioned the new warranty services will assist boost the company’;s new hire-purchase lending to one.2 billion baht this year, up from 700 million baht last yr. Its total lending portfolio is anticipated to rise to 2.5 billion baht this year, up from 2 billion in 2013.
“The Thai used-automobile market has in no way had warranty support just before,” he stated. “We feel the partnership with PFS will not only give us hire-purchase financing know-how, but also help our new company and solution development.”
ECL reported income of 228.49 million baht last yr, with profit of 45.85 million. The figures elevated from 203.78 and 37.63 million baht, respectively, in 2012.
ECL’;s shares closed yesterday on the SET at one.07 baht, up 4 satang, in trade worth 13.7 million baht.
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