In response to the 44th Bangkok International Motor Show 2023, KASIKORN Leasing Co., Ltd. (KLeasing) is launching a campaign to offer special privileges for customers who want to buy a new car with KLeasing. Eligible customers will enjoy a package tour for two to the Tokyo Motor Show worth 150,000 Baht or numerous domestic trips and stays at hotels under Centara Group. More than 100 prizes are up for grabs. Customers who buy a BEV of a participating brand and apply for a loan with KLeasing are entitled to special offers, including interest starting at 1.88-1.99 percent and a 90-day free drive with interest-free down payment installment via KBank Credit Card for six months. KLeasing is also highlighting its Digital Self-Apply loan innovation. KBank clients can apply for KLeasing car loan swiftly and easily. Those signing up for car loan via digital platform under the Digital Self-Apply innovation during Motor Show 2023 will get instant approval, and a travel bag valued at 2,500 Baht. Meanwhile, KLeasing will press ahead with co-promotions jointly launched with its partners across different brands while fostering partnerships with several leading EV brands in alignment with the GO GREEN Together project, initiated by KBank to foster a green society.
Mr. Tirachart Chiracharasporn, Managing Director of KLeasing, said, "Although the economic situation has improved, total auto sales of the entire system over the first two months of 2023 dropped by 8,000 units or 6 percent from 143,944 units recorded in the same period last year, to 135,347 units. During Motor Show 2023, car manufacturers are expected to launch new models to stimulate their sales, especially BEV companies from China, Europe and Korea that will introduce a number of new models for customer reservations, while many Japanese brands will launch various new ICE cars. As for financial institutions, campaigns have been organized to increase auto loans, but lending will be made with caution due to the worrying situation of high household debt and customers' repayment capability that remains below the normal level. KLeasing will also lend responsibly, with focus on good customers of KBank under our own promotional campaigns."
During the 44th Bangkok International Motor Show, or Motor Show 2023, between March 22, 2023 and April 2, 2023. KLeasing's campaign is based on the concept of, "Buy a new car from KLeasing - Enjoy a Trip for Two to the Tokyo Motor Show," together with four additional privileges.
Privilege 1: Fifteen tour packages for two persons to visit the Tokyo Motor Show in Japan, worth Baht 150,000 each, and 85 vouchers for accommodations at Centara resorts in Thailand. These 100 prizes are altogether worth more than 2 million Baht.
Privilege 2: Interest-free installment down payment of up to six months via KBank Credit Card for customers purchasing all types of new cars with KLeasing.
Privilege 3: A 90-day free drive for customers purchasing a new battery electric vehicle (BEV) with KLeasing.
Privilege 4: After signing up for Auto Loan (New Car) with KLeasing via an online channel (Digital Self-Apply) at Motor Show 2023, get a wheeled suitcase worth 2,500 Baht, free of charge. Once the loan is approved and the contract is entered by June 30, 2023, enjoy a free air purifier valued at 3,190 Baht. Customers can receive this privilege at Motor Show 2023 or showrooms of car dealers nationwide. Applications for Auto Loan (New Car) can be made via K PLUS.
"Aside from the special promotional campaign and attractive interest rate offered to our customers, KLeasing is also pressing ahead with plans to meet their current lifestyle needs," Mr. Thirachart said. "These include our auto loan services via the recently launched Digital Self-Apply innovation - a one-stop and easy-to-use platform which allows customers to apply for auto loan by themselves via digital channel. Equipped with identity verification technology and comprehensive online credit scoring approval processing, our digital platform for auto loan services allows customers to verify their identity through the National Digital ID Company Limited (NDID) and National Credit Bureau (NCB). Loan approval is based on i-Scoring - KBank's integrated credit scoring that combines application scores, bureau scores and special scores if the applicants are KBank's customers. Thanks to such innovation, auto loan approvals for KBank's customers, specifically those with sound credit records, will be easier, quicker and more precise than ever before."
Mr. Tirachart added that the figure for overall domestic car sales in the first quarter of 2023 is projected to decline by 3-5 percent. Total car sales in March 2022 reached 87,000 units. To see growth in the first quarter of 2023, sales volume for March must reach more than 95,000 units, a rather challenging figure. This is in line with the KResearch outlook for the automotive market, which is that total car sales in the first quarter of 2023 are expected to drop when compared to the same period of last year. The main factor is the high base of 2022, when automakers accelerated the delivery of cars following the extensive lockdowns and closures, both domestic and international, during the pandemic years of 2020-2021 in which car production and delivery were inconvenient and oft-delayed. However, when compared to car sales of 215,701 units in the fourth quarter of 2022, growth is expected to expand slightly, by 1 percent. Easing of the chip shortage, the launch of new car models and rising price competition are expected to drive market expansion, even within a limited range, amid the highly uncertain economic recovery. Vehicle segments poised for sales growth include small and large sport utility vehicles, especially models using batteries and electric motors such as hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs). Additionally, battery-powered electric vehicles (BEVs) are likely to become more popular, with sales growth of up to 1,099 percent expected in the first quarter of this year.