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Funding Societies to provide credit facilities for Proton dealers

KUALA LUMPUR: Southeast Asia's SME digital financing platform, Funding Societies Malaysia, is collaborating with Proton Holdings to provide credit facilities for Proton dealers to finance the purchase of cars for floor stocking.

Funding Societies Malaysia country head Chai Kien Poon said demand for personal vehicles saw an increase since the second half of 2020.

"Underlying this growth are concerns over shared transportation (due to Covid-19 health crisis) and accommodative government policies during the pandemic.

"With Funding Societies' revolving credit facility, Proton's dealers can tap into that growth by increasing their inventory for sale across by increasing their floor stocking inventory of used cars," he said.

Funding Societies was founded in 2015 to empower small and medium-scale enterprises (SMEs) in Southeast Asia by solving key pain points for small businesses in accessing financing which include the requirement for collateral, complicated and physical paperwork submission, as well as lengthy application process.

"With Proton's sales volume increase over the past few years, we have seen an increase of trade-in or trade-up transactions.

"Through the dealer financing service provided by Funding Societies, our dealers can finance the purchase of floor stocks to enable the trade-in transaction," said Proton Edar general manager Wan Ahmad Fadzli Wan Mustafa.

Since its inception in 2019, Proton's Used Car Management (UCM) unit has introduced operating procedures and provided training for used car inspectors to manage transactions at each outlet and ensure services provided are in line with the expectations set by the brand.

Currently, the company has 35 outlets retailing Proton Certified Pre-Owned (PCPO) vehicles in the country.

Vehicles sold under the PCPO programme undergo a thorough 201-point inspection and are assured to be free of any flood or major accident damage.

Customers also enjoy one-year extended warranty which covers the engine and transmission as well as a one-time free basic service after six months from date of registration.

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