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Dream - Wholesale car sales in the first quarter of 2024 decreased, according to Gaikindo's report, experiencing a decline of more than 20 percent year on year (YoY). In the midst of this decline, one business unit in the financing field, PT Mandiri Tunas Finance (MTF), instead recorded an increase in sales in the same period. Chief Marketing Officer of PT Mandiri Tunas Finance, Afri Feder Fauzi, stated that financing in February 2024 saw an increase of 11 percent compared to February 2023. "MTF is growing YoY, 11 percent compared to last year," said Afri when interviewed by Dream.co.id editorial team some time ago.
"\u201cMTF, since its establishment in 2009 until today, MTF is somewhat anomalous compared to the market, so MTF often does not equate to the market,\u201d said Afri."
MTF, which is a subsidiary of PT Bank Mandiri Tbk and Tunas Ridean Group, is one of the financing companies that is able to survive in the Indonesian market conditions. "PT Mandiri Tunas Finance is owned 51 percent by Bank Mandiri and 49 percent by Tunas Ridean Group. So, with the support from the two shareholders, MTF is always able to survive in all conditions for the Indonesian automotive industry," said Afri.
The support from the two parent companies is evident from the continuously increasing financing rate. Afri revealed a recorded increase of around 1,500 vehicle units per month. Even 12 percent of the total financing portfolio comes from Electric Vehicle (EV) vehicles.
Afri conveyed that MTF sales during the Election period tended to be stagnant. He acknowledged that this condition is considered normal because many retail players and corporations adopted a 'wait and see' approach towards the economic and political stability in 2024. "So, if I look at its impact in Indonesia, in MTF, there is always stagnation during every election. It cannot be said to be growing, and it is not significantly declining either, but it is indeed stagnant," he said.
"Because with the existence of elections, it is good for Indonesian society both at the retail level and for corporations, definitely wait and see, and need economic and political stability," he said.
Given that the majority of the financing provided by MTF is for new cars, it also affects the sales rate. However, he ensures that the total MTF financing can still survive. "MTF in January-February, because the majority of the financing is for new cars, it eventually decreased by 10 percent in terms of new car financing. However, the total MTF financing can still survive," he said.
According to Afri, political certainty after the election is also one of the factors that make MTF survive. He mentioned that MTF's fleet financing grew by about 40 percent compared to the previous month.
"The most recent one was actually quite busy taking care of MTF after the election, turns out political certainty is more certain. So the financing of the MTF fleet grew, around 40 percent compared to the previous month," he said. "So corporate trust to then renew their commercial vehicles, heavy equipment, it's already there, so in the end, it's as if MTF didn't decrease," he continued."
To anticipate the possibility of a decline, MTF has designed several strategies, including introducing financing diversification. MTF has started implementing programs for new car financing, multipurpose financing, used car financing, and fleet financing, including heavy equipment.
MTF also continues to establish synergy with two parent companies and collaborate with all Single Brand Sole Agents (ATPM) of vehicles in Indonesia. "And in these three, collaboration is no longer done individually, we finally combine the strength of MTF or MTF products with ATPM and dealers through financing programs combined with sourcing customers from Bank Mandiri, combined with sourcing from Tunas Group," he said.
"Then from the tunas group, it is merged again with Bank Mandiri, revolving, so that it can indeed have a better financing ecosystem and the most benefited are its customers MTF," he continued.
"On the other hand, MTF also improves its service to consumers through the digital world via MTF Mobile Application and MTF One Access. With this application, the entire financing process can be done faster and easier."
With various business strategies prepared, Afri hopes that MTF can continue to achieve all financing targets and support economic growth in Indonesia. "The most important thing is to play an active role and support the growth of the automotive industry in Indonesia," he said.
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