Mr. Congsin Congcar, Head of Krungsri Auto Group, Bank of Ayudhya PCL, said, "Despite the challenges posed by economic factors and the prolonged COVID-19 pandemic, which continued to restrain business growth in 2022, the automotive market, on the other hand, maintained its high growth rate in contrary to the overall economic outlook. Krungsri Auto continued to accelerate our comprehensiveness and business growth over the past year, with new lending volume totaling 183,000 million baht, gaining a 17% increase as compared to the previous year, while up to 7% of the total new lending volume were achieved through digital channels. We also successfully maintained our leadership and competitive edge in the automotive finance market with a total loan outstanding of 425,700 million baht."
The strong business results of the previous year were underpinned by three key success drivers. Firstly, being the first and most complete digital auto lending in Thailand, with products and services covering both automotive financing and auto refinancing, to fulfill the needs of all automobile users on the GO by Krungsri Auto application. Moreover, Krungsri Auto also initiates seamless collaboration with dealers and OEMs, working closely to provide solutions that enable a more efficient business operations and management, along with customized offers that tailor to meet each customer's needs. Another key driving force is the comprehensive auto ecosystem through a more extensive development of products and core services, and expansion of partnerships, in and out of automotive industry, to create a better everyday life for automobile users. For instance, through the development of EV Charging Station feature and the content creation about electric vehicles available on the GO by Krungsri Auto application to efficiently respond to modern lifestyle of EV drivers in Thailand.
In addition, Krungsri Auto garnered two digital awards, Asian Experience Awards 2022 and International Finance Awards 2022, reinforcing the brand success as a digital market shaper who never stops. Also, winning the Superbrands Thailand award for the tenth consecutive times running and Thailand's Most Admired Brand award from BrandAge magazine for eleven consecutive years, reflecting consumer's trust towards the brand and reinforcing Krungsri Auto's position as the top-of-mind automotive finance brand among Thai consumers.
"The automotive market is expected to grow continuously in 2023, as driven by the country's overall economy, following the gradual recovery of tourism and export sectors, as well as, rising confidence among consumers. New car sales are anticipated to reach 866,000 units, a year-on-year increase of 2%. For Krungsri Auto, we are still dedicated in creating a better everyday life for automobile users, while fully leveraging experiences in all service points to maintaining our leadership position in the automotive finance market in a long run," concluded Mr. Congsin.
Source: FleishmanHillard Thailand
