[PHNOM PENH POST]
COMMMERCIAL banks are providing more loans for vehicle purchases,
leading to a jump in car sales this year, according to dealers.
While
the improved domestic economy and effects of the March disasters in
Japan on its competitors had improved sales figures of Great Wall
vehicles, increased availability of car loans was the largest driver of
the increase, said Peang Mann, Chairman and CEO at importer Worldwide
Garage.
“Our customers are enjoying buying our cars by paying monthly installments via the banks – this helps us grow a lot,” he said.
Worldwide Garage currently workers with ACLEDA, ABA, and Campu banks to make car loans available.
Name
recognition has proven to be the greatest hurdle for its Great Wall
vehicles, though the company targets selling 150 units this year, he
said.
Narita Motorcare Cambodia, importer of Nissan vehicles,
has seen an increase of about 5 percent in sales, despite supply
shortages caused by the Japanese disasters earlier this year, said
Managing Director Long Narith.
“We had more demand in the first quarter, but we had problems meeting the demand due to the earthquake,” he said.
However, commercial bank lending to car customers was increasing the industry’s sales, he said.
ACLEDA
Bank Executive Vice President So Phonnary said the bank had cooperated
with car dealers to offer loans for two years, extending US$4 million to
about 300 customers.
Customers that can provide collateral can
receive a loan for 80 percent of the vehicle’s value, while those
without can receive up to 40 percent, provided they can display their
earnings, she said.
“We’ve been quite successful since we
launched the service,” she said. “We don’t require customers to purchase
from certain vehicle dealers. We rely on their choices, and facilitate
loans to those who want to buy.”
RM Asia Company, which imports
Ford vehicles, has seen a 20 percent rise in sales during the first half
of the year compared to the period in 2010, said its General Manager
Seng Voeung.
“We thank the commercial banks’ provision of car
loans for the growth, as it gives customers more opportunity to own a
new car,” he said.
RM Asia’s Devco Company can provide financing for up to 3 years, he said.
“[Devco]
also have strict requirements as the banks do, but it is quite easier,”
he said, adding Ford projected its sales were on pace for about a 20
percent predicted rise this year.
Ministry of Commerce Camcontrol
statistics obtained in June showed 7,700 vehicles were imported as of
April 30, 2011, a decline from the 8,350 imported in the same period
last year.
However, revenues generated from sales reached $73.5 million during the first four months of 2011, the figures showed.
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