Krungsri Auto Announces 2024 Business Performance with 7% Growth in Digital Loans, while Achieving over 4.4 Million Users on GO by Krungsri Auto Application, Reinforcing Its Position as the No.1 Choice for Automobile Users
'Krungsri Auto', a leader in automotive finance business under Bank of Ayudhya PCL., announced business performance for 2024, driven by a 7% year-on-year growth in digital lending, reaching a total 40,442 million baht. The GO by Krungsri Auto Application saw its user base surpass 4.4 million, supported by key initiatives introduced in 2024, including GO Auto Station, a used car marketplace; PromptBuy, a hub for eco-friendly products and services; and GO Travel, a travel buddy for automobile users, underscoring Krungsri Auto's aspiration to become the No.1 choice for automobile users along with driving sustainable growth.
Mr. Congsin Congcar, Head of Krungsri Auto Group, Bank of Ayudhya PCL., said, "The automotive finance industry faced significant pressure in 2024, with the overall auto loan market contracting by 20.2% year-on-year to 402,000 million baht due to a decline in new car sales. High household debt levels, which remained at 89.6%, further affected consumer's purchasing power and ability to pay. Despite these challenges, Krungsri Auto has implemented prudential risk management to ensure our strong asset quality and sustainable business growth. Through our SEE Beyond strategy, we remain committed to Krungsri Auto Responsible Lending while seeking opportunities to collaborate with partners and automotive users across Krungsri Auto ecosystem. By creating shared value, we aim to strengthen our competitiveness and adapt to changing consumer behaviors.
Driving Innovation with Digital Auto Lending
Krungsri Auto continues to lead the market in digital innovation, with new loans across all products through digital channels growing by 7% year-over-year to 40,442 million baht in 2024. This figure accounts for 28% of the total new lending volumes for the year, underscoring Krungsri Auto's success in developing digital solutions and its ability to respond to the financial needs of automobile users.
Going Beyond Auto Finance to Deliver Comprehensive Services for Automobile Users
With an aspiration to become the No.1 choice for automobile users, Krungsri Auto has continued to expand its automotive ecosystem to create new business opportunities through the GO by Krungsri Auto Application. In 2024, the app's user base grew by 33% to reach 4.4 million users, driven by the launch of new services such as GO Auto Station, a marketplace featuring over 130,000 high-quality used cars that connect buyers and sellers directly. The platform is complemented by the digital lending for Krungsri Used Car, which offers comprehensive financing solutions with fast approvals within 30 minutes. Additionally, Krungsri Auto partnered with Tourism Authority of Thailand (TAT) to introduce the GO Travel feature, designed to enhance domestic travel experiences for automobile users. This led to a 27% increase in Monthly Active Users (MAU), reaching 1.27 million. Krungsri Auto also successfully launched a new business venture with PromptBuy, a platform that offers eco-friendly products and services to support sustainable lifestyles, catering modern automobile users who prioritize environmental responsibility and clean energy.
Krungsri Auto's 2024 Performance at a Glance
In 2024, Krungsri Auto recorded a new lending volume of over 143,905 million baht, with total loan outstanding of 403,063 million baht. Krungsri Auto was also recognized with 19 local and international awards, including:
- Thailand's Most Admired Brand 2024 in the Banking and Financial Services - Automotive Finance category for the 12th consecutive year from BrandAge magazine.
- Superbrands Thailand 2024 for the 12th consecutive year.
- No.1 Brand in Auto Leasing at the Marketeer No.1 Brand Thailand 2024 awards for the 3rd consecutive year.
- Best Service Provider of the Year 2024 for Auto Loan and Auto Title Loan from Money & Banking.
- Asian Experience Awards 2024 for Thailand Digital Automotive Experience of the Year - Banking, for the 3rd consecutive year.
- Five Awards for Marketing Communications and Advertising Campaigns from THE WORK 2024 by Campaign Brief Asia.
Advancing Towards the Future with the SEE Beyond Strategy
As part of its 2024-2026 mid-term business plan, Krungsri Auto remains dedicated to its SEE Beyond strategy, with a focus on driving sustainability and creating a better everyday life for automobile users. Krungsri Auto aims to maintain market leadership in Thailand by continuing to develop innovative products and services for automobile users that support long-term business sustainability.