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Home arrow Market Research Findings arrow Automotive arrow EONís Car Cash-Out Nabs 33% More
EONís Car Cash-Out Nabs 33% More PDF Print E-mail
Written by Marketing Interactive   
03 Feb 2011
With the conclusion of its two-pronged year-long Super Cash marketing campaign last month, EON Bank observed a 20% increase on auto finance disbursements compared to 2009 and disbursed a total of RM 3.6 million in car loans.

Having run throughout 2010, the auto finance campaign (second leg of the initiative) came to a close with almost 100,000 new car loan applications approved, marking a 33% rise from the year prior.

In 2009, close to 50,000 car financing applications were passed with an overall disbursement figure totaling RM 1.7 billion.

According to EON Bank Group's CEO, Datuk Michael Lor, a slew of new campaigns are in the pipeline for 2011 with no-fuss ways for consumers to win prizes and make the brand their bank of choice. Its goal is to attain the status of The Preferred Malaysian Bank.

"EON Bank Group is strategically positioned to fulfill the expected increase in loan applications this year, fuelled by the industry's prediction of a robust year in car sales, in addition to better economic growth, tax exemptions in certain car categories, the availability of more locally assembled cars and stronger consumer confidence," said Eric Lee, the Group's auto finance head.

Like the first leg, winners of the second segment of the Super Cash effort comprised those who correctly tackled a list of compulsory question upon being selected via a Spin The Ball draw.

The lucky few were picked from the financial institute's pool of conventional and Islamic banking customers. Each had applied for and received car financing disbursements between January and December with a minimum amount of RM 50,000 and a financing tenure between three to nine years.

Analysts forecast a four to 5% increase in Total Industry Volume for the auto industry in Malaysia with sales of up to 623,000 units of new cars and the unveiling of at least 20 new car models this year.

By: Staff Writer, Malaysia

Malaysia - 19 January 2011

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