Funding Societies, Proton to provide dealer financing for used car dealers
KUCHING: Funding Societies, Southeast Asia’s largest SME digital financing platform, is collaborating with national car maker Proton to provide credit facilities for Proton dealers to finance the purchase of cars for floor stocking.
Funding Societies was founded in 2015 to empower 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.
As SMEs are the backbone of the nation’s economy, Funding Societies are committed to solving the huge SME financing gap in Malaysia and the region.
“Demand for personal vehicles saw an increase since the second half of 2020,” Funding Societies Malaysia’s country head Chai Kien Poon said.
“Underlying this growth are concerns over shared transportation (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.
“In line with Funding Societies’ mission to provide financing facilities to underserved, creditworthy SMEs, this revolving credit facility provides Proton’s dealers with a more seamless experience.
“They may utilise the facility any time and anywhere upon its activation.
“Additionally, dealers will have access to our online supply chain financing system to manage their financing facility with us.”
Proton Edar general manager Wan Ahmad Fadzli Wan Mustafa said that with Proton’s sales volume increase over the past few years, they have seen an increase of trade-in or tradeup 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,” he added.
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.
“Dealers who wish to apply for financing may do so via Funding Societies’ online platform,” concluded Wan Ahmad Fadzli.