Apple Auto seeks bigger slice of used-car market

President Somboon Wongrassamee said Apple Auto Auction, which sells used cars and motorcycles, expects sales growth of 15-20 per cent this year, and to increase its market share from 22 per cent currently to 30 per cent. The company expects to increase the proportion of individual customers from 7 per cent last year to about 16 per cent this year. 

Union Auction currently has about 60 per cent share of the market.

Apple Auto Auction expects to sell about 1,500 vehicles this year, up from 1,000 last year. It also expects to auction about 600 motorcycles. The company is the first in Thailand to offer online auctions for used vehicles.

“The growth of the car-auction business will be in contrast to the general economic situation. The used-car market amounts to about 1.5 million units per year, or 1.5 times that for new-car sales. About 70-75 per cent are pickup trucks,” Somboon said.

Apple Auto Auction Co and Thai Credit Bank yesterday jointly launched a “principal and interest declining balance” campaign for retail customers. 

“Apple Auto Auction sees this campaign as fitting the needs of retail customers who are interested in used-car auctions and would like to use Thai Credit Bank’s service for the best benefits when paying instalments,” Somboon said.

Apart from receiving a warranty for 22 points of a vehicle’s structure from Apple Auto Credit, retail customers will be well taken care of by Thai Credit Bank, he said, as their interest burden declines along with the principal.

Mongkok Leelatham, president and chief executive officer of Thai Credit Bank, said: “The cooperation with Apple Auto Auction is truly beneficial to retail customers who want to buy from Apple Auto Auction and want to enjoy declining interest payments along with the reduction in principal. “If a customer wishes to pay the full remaining balance before the due date, Thai Credit Bank will not charge a prepayment fee up to 50 per cent of the remaining interest as is the case with other vehicle-purchase financing.”