Thanachart Bank and Volvo Car Thailand Enter Partnership to grow in Premium Car Segment

Stocks and Financial Services Press Releases Monday March 27, 2017 09:23
Bangkok--27 Mar--Thanachart Bank

Thanachart Bank reiterates its number one status in Thai car hire purchase industry with latest expansion aiming at 20% boost in the premium car segment now partnering with Volvo Cars, plus special offers at the Bangkok International Motor Show.

Mr. Somjate Moosirilert Chief Executive Officer and President of Thanachart Bank PCL announced that Thanachart Bank is committed this year to securing the top spot in the Thai car hire purchase industry as well continuous expansion in financing and other financial products to further satisfy customer demands. He revealed that despite a national economic growth forecast of 3.5% this year, the car market is expected to grow 5.0% and contribute to a year-end sales of approximately 800,000 units. Furthermore, the Thai premium car segment has doubled its growth in the past 5-6 years and is a market Thanachart Bank currently focusing on.

This year, Thanachart Bank is proud to enter the first premium car synergy with Volvo Car (Thailand) whose Volvo vehicles are synonymous with leading safety features and have been well regarded by discerning Thai customers for over 40 years. This partnership is the first of many to born out of Thanachart Bank's Prestige Segmentation strategy.

Thanachart Bank predicts that this collaboration will contribute to more than 20% growth for the bank's premium car hire purchase segment. The synergy will see Thanachart Bank strengthen the financial services at all authorized Volvo dealerships nationwide which also contribute to a sustainable business growth of Volvo Car (Thailand). To enhance Volvo customer experience, a new app called Thanachart Connect is being developed to cater to contemporary online consumer convenience demands.

Tirachart Chiracharasporn Executive Vice President Product and Marketing Management

,Thanachart Bank PCL, added that as a special offer from this newly signed Thanachart Bank and Volvo Car (Thailand) synergy, for every customer who book a Volvo during the Motor Show period Volvo Car Thailand offers a choice of a low monthly installment starting at 15,999 Baht or a low 1% per annum interest finance package, both with complimentary first class insurance. To offer Volvo vehicles at more accessible prices to an even wider customer base, Thanachart Bank also provide financing support for the Volvo Selekt (Volvo Approved Used Car). As a result of this collaboration, Thanachart Bank's market share in the premium car hire purchase segment to increase from 30% in 2016 to 55-60% this year.

Ms. Anette Andersson, Managing Director of Volvo Car (Thailand) Ltd. stated "Volvo is delighted to collaborate with Thanachart Bank, the number one in car hire purchase, to offer comprehensive financial privileges to customers of both new Volvo and Volvo Selekt (Volvo approved used-car). Our common objective is to ease the purchase process for our customers. We want to offer them efficient financing programs which can be easily accessible everywhere in Thailand with a fast approval process. This collaboration also comprise financial services for authorized Volvo dealerships."

Ms. Anette Andersson added that 2017 is a crucial year for Volvo Car Thailand. At the 38th Bangkok International Motor Show, Volvo Car Thailand will unveil the prestigious new V90 to complete the top-of-the-line 90-cluster sitting alongside the award-winning XC90 SUV and the S90 premium sedan. Volvo Car Thailand reinforces its position within the Premium market and we enter a new phase to accelerate our Brand Strategy with a new Brand campaign: "We go forward, for you.". Our Brand statement combined with our new Volvo Car Finance services demonstrate the Volvo Way to make our customers life less complicated to own a Volvo car. The financial services will be exclusively offered through our authorized Volvo dealerships to reinforce our relationships with their customers and develop loyalty.

The collaboration between Volvo Car Finance and Thanachart Bank will consist of a wide range of financial products which answers to our customers' requirements. The partnership will support our target to reach 12% share of the premium segment.

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