Mercedes-Benz Leasing (Thailand) or MBLT is focusing on foreign customers in line with increasing direct investment by them in Asia in general and the Thai market in particular.
The financial services provider for the upmarket Mercedes-Benz car marque has set an ambitious target to increase its foreign customer ratio including retail and multinational corporate sectors to 10% next year from 3% now, said managing director Supavut Jiramanusnakorn.
The Germany-based firm has total debt outstanding of 13 billion baht with 10,000 vehicles.
Thai individuals are its largest customer base, followed by small and medium-sized enterprises.
"Healthy growth in Eastern economies and a weakening of Western economies support foreign direct investment in the region from all parts of the world. With strong economic fundamentals, Thailand is a destination for them," said Mr Supavut.
Company research found the monthly car allowance for an employee of a multinational corporation is 60,000 to 100,000 baht on average.
As a result, MBLT has designed financial programmes in line with the data.
It has launched a new product, SmartDrive, for long-term car rental.
This product is aimed at capturing new-generation customers, especially middle management aged up to 30 with monthly earnings of 80,000 to 100,000 baht.
Rental rates start from 16,000 baht a month depending on the car model.
The product's credit ratio is expected to be 30-40% in the next 5-7 years.
The lifestyle of the market segment and tax benefits for corporate customers will support the company's aggressive goal, said Mr Supavut.
"In developed countries, the ratio between car ownership and car rental is 50:50. The popularity of car rental is the result of convenience and low maintenance expenses," he said.
Mr Supavut said the company plans to internationalise its operations and service by recruiting foreign management and staff in accordance with the current situation and its business strategy.
The company has three other programmes.
They are hire-purchase for customers who pay attention mainly to loan rates, Star Choice for those who need flexibility in instalment payments and finance lease for corporate customers with tax benefits.
Mr Supavut said Thailand's positive economic momentum and the company's product range has prompted it to target business growth of 15% next year.