PFS finances at least one out of two new Porsches purchased in Singapore
Singapore – More than one out of two new Porsche cars in Singapore were financed through Porsche Financial Services in 2018. To mark this milestone, Porsche Financial Services Group Germany (PFS) presented its long-term cooperation partner Hong Leong Finance (HLF) with a special award for achieving the highest ‘market penetration worldwide’ for the German premium sportscar manufacturer.
This is the second such year running that Porsche Financial Services Singapore and Hong Leong Finance, together with Singapore's Porsche dealer, Stuttgart Auto Pte Ltd, have achieved this result. The partnership was formed in 2012, and timed with the Singapore launch of the seventh gen (type 991) Porsche 911, as well as the inception of Porsche Financial Services here.
In its first year, PFS financed more than 130 new and pre-owned Porsche vehicles. Since then, this figure has more than doubled to 400 Porsche vehicles in 2018 (to put it in perspective, 567 new cars were registered in 2018!).
Jörg Pape, Member of the Management Board of PFS and Chairman of the Board of Porsche Services Singapore Pte. Ltd. presented the award, “Top Contributor, Porsche Financial Services”, to Mr. Kwek Leng Beng, Chairman and Managing Director of Hong Leong Finance (pictured above in the middle).
“This annual award is given to the country partner of PFS for achieving the highest market penetration of financing Porsche cars,” said Jörg Pape, who is visiting from Germany. The award was presented to Kwek Leng Beng at his office at Republic Plaza in Raffles Place, in the presence of the executives of both companies including Jan Muthmann, Managing Director of Porsche Services Pte. Ltd. and Ang Tang Chor, President of Hong Leong Finance.
“It is tough selling cars here but there is a niche market for luxury cars. The Porsche brand name is synonymous with performance and functionality and this helps the brand to stay ahead in Singapore’s highly competitive market. Working with PFS, and given our experience in vehicle financing since 1964, this has allowed us to make strides in this niche. I am honoured to receive this award, it is a recognition of Hong Leong Finance’s leadership,” said Kwek Leng Beng.
“Together with the local Porsche dealer, Stuttgart Auto Pte Ltd (part of Eurokars Group), headed by Karsono Kwee, the annual financing volume and relationship have grown strongly over the years. We are delighted that our car financing business and loan volume have continued to grow despite stiff market competition. I would like to express my thanks and gratitude to Karsono Kwee and his team. He played a pivotal role in this partnership. Stuttgart Auto worked hard to drive market share. Karsono managed to persuade motorists to experience a slice of luxury and performance with Porsche,” said Kwek Leng Beng.
Karsono Kwee, Executive Chairman of Eurokars Group, who with his management team also received the “Top Contributor, Porsche Financial Services” award from Jörg Pape for their outstanding support of PFS in Singapore, added, “We are particularly proud that our partnership with PFS and HLF continues to go from strength to strength. Indeed in 2018, this resulted in financing for more than every second new Porsche in Singapore (52.4%), the highest number of all 17 PFS markets worldwide. We are firmly committed to this partnership and look forward to many more years of continued strong collaboration and success.”