Krungsri Auto asserts leadership in private car financing Announcing three-year compound annual growth rate of 25% and accelerating digital strategy

Stocks and Financial Services Press Releases Monday June 17, 2019 09:50
Bangkok--17 Jun--FleishmanHillard

Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL, asserts its position as the category owner of private car financing market with Krungsri Rod Baan achieving the compound annual growth rate (CAGR) of 25%, after the official brand launch three years ago. Continuing to highlight the concept of "Fast Approval, Fast Disbursement" to respond to every need of car buyers and sellers, Krungsri Rod Baan plans to accelerate digital strategy through credit appraisal service via "Krungsri Auto PromptStart" mobile web and target 20% growth in new lending volume in 2019.

Mr. Pornthep Tirasuntrakul, Senior Vice President, Head of Krungsri Auto Marketing Division, Bank of Ayudhya PCL said "Krungsri Auto officially launched 'Krungsri Rod Baan' brand and carried out marketing activities since 2016, making us the first automotive financial service provider to capture this market segment. We therefore understand the problems that car buyers and sellers face; whether it is the difficulty in accessing funding sources and financing products that do not answer the needs. Such issues led to the unique selling point of 'Fast Approval, Fast Disbursement', 1-day loan approval for and 1-day disbursement for sellers. 'Krungsri Rod Baan' also extended its service channels through online platforms and used car dealership network, currently covering more than 4,000 locations nationwide. These success factors helped the product delivering impressive results over the past three years, with the new lending volume achieving the compound annual growth rate of 25%."

One of the driving forces behind the strong performance of 'Krungsri Rod Baan' lies in its digital strategy. In 2018, the new lending volume via e-channels grew by 55% from the previous year. Mr. Pornthep added, "Recognizing the potential of the online private car market, we partnered with Kaidee, Thailand's largest online marketplace, in 2017. Through the implementation of Application Programming Interface (API) technology, we developed the customized loan calculator for cars posted on RodKaidee platform. Facilitating customers in auto financial planning and loan application in one click, the innovation significantly contributed to rapid growth of new lending volume via online platforms while the new volume via offline channels maintained its strong growth of 27% in 2018."

In the second half of 2019, Krungsri Auto aims to continuously enhance customer experience by offering an online credit appraisal service for those interested in buying a private car via mobile web"Krungsri Auto PromptStart". The result will be notified within 30 minutes, assuring car buyers before vehicle selection and negotiation with the sellers, and enabling easier access to private car finance.

"As a Market Shaper with the success in the segment for more than three years, Krungsri Auto is determined to become the category owner of private car loan. By offering products that effectively meet customers' needs and providing unique experiences, we are confident that the new lending volume of 'Krungsri Rod Baan' will increase by 20%, reinforcing its position as the top-of-mind brand," concluded Mr. Pornthep.

The New Experience with Krungsri Auto

Krungsri Auto, a leader of automotive finance business under Krungsri, offers a variety of loan services, including "Car for Cash", "Krungsri Rod Baan", "Krungsri New Car", "Krungsri Used Car", and "Krungsri Truck" operated by Krungsri Auto Group, Bank of Ayudhya Public Company Limited, "Krungsri Motorcycle", "Krungsri Big Bike", "Krungsri Used Big Bike" "Krungsri Inventory Finance" as well as insurance services, operated by Ayudhya Capital Auto Lease Public Company Limited.

Customers can access these financial services through Krungsri Auto's 52 branches and the Bank of Ayudhya's branches nationwide, Thailand Post Offices, Counter Service Outlets at 7-Eleven and Krungsri Auto Call Center (tel. 02-740-7400, press 1).Visit www.krungsriauto.com or www.facebook.com/krungsriauto for more details.


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