Mercedes-Benz goes digital for financial services

Auto & Audio August 10, 2017 14:11

By The Nation

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The parent company of Mercedes-Benz Leasing (Thailand) Co Ltd has committed to being the industry leader in digital-based automobile financial services.

“Innovative financial and mobility services are flourishing across Europe and North America, such as car sharing, new platforms of public transportation and car rental by the minute in big cities,” said Supavut Jiramanusnakorn, managing director of the Thai operation.

“Daimler Financial Services spotted the trend and has applied technology to address the growing demands for mobility services more precisely. For instance, ‘car2go’ is the leading mobile platform for free-floating car sharing; the ‘mytaxi’ app is the leading taxi-booking app in Europe; ‘moovel’ is the first mobility app that enables the users to search, book, and pay for a variety of mobility options including train tickets all over Germany and the US; and ‘FlixBus’ has already established Europe’s largest intercity bus network.

“All of them are part of our customer-centric approach to services. In addition, with the ‘AutoGravity’ vehicle financing app, customers can choose a vehicle and an individual financing or leasing option that meets their requirements while ‘Mercedes pay’ is an electronic payment service launched at the beginning of this year that allows customers to pay for various services with their smartphones.

The parent company’s six-month earnings before interest and taxes rose 15 per cent above the same period last year, Supavut noted, and new business grew by 19 per cent. 

Mercedes-Benz Leasing Thailand also recorded continued growth with acquisition volume of more than Bt33 billion in the first six months, an increase of 7 per cent from the previous year. Non-performing loans were significantly lower than the industry’s norms while our market share stood at 45 per cent of Mercedes-Benz vehicles sold, “thanks to our positioning as the one-stop financial services solutions provider and a comprehensive variety of financial products,” noted Supavut.

He singled out the “Mystar Special” financial program, which accounted for more than 20 per cent of financed or leased Mercedes-Benz cars, and “MB Protection” insurance program chosen by 71 per cent of Mercedes-Benz customers, 8 per cent up from the same period last year.

Michael Braun, director of sales and marketing, noted that the company’s business strategy for the rest of the year consists of four strategies: “engage and excite our customers; strengthen and grow core business; expand digital channels; and innovate new products and services.”