- Details
- Category: Banking & Finance
- Published on Thursday, 28 February 2013 19:43
- Written by Paul Anthony A. Isla / Reporter
BUYACAR Inc., a joint venture between Esquire Financing Inc. and Capitalife Lending Inc., recently acquired 240 pre-owned vehicles from BDO Unibank Inc. (BDO) to meet the growing demand for pre-owned vehicles.
Rajan Uttamchandani, Esquire president and chief executive officer, told the BusinessMirror that they are working to close another deal to acquire another batch of pre-owned vehicles from the bank.
“We’ve actually been banking with BDO since its Equitable days, and this is just another way to enhance the partnership between Esquire and BDO,” Uttamchandani said.
“We believe that banks should do what [they’re good] at, which is giving out loans, and let them [BuyACar] take care of asset recovery. And we are cycling through their inventory faster than they have expected,” he added.
Uttamchandani also said they have sold 200 out of 400 pre-owned vehicles, and that they also target to sell at least 700 to 900 pre-owned vehicles within the year.
While the Esquire chief declined to specify their budget for the year, he said each vehicle costs P500,000 on average and that they aim to sell a thousand vehicles.
According to Uttamchandani, the budget is actually market-centric, and that the company has allocate the budget based on demand.
“Esquire is the backbone finance company that supports this and in cooperation with Capitalife through BuyACar, we’re able to finance all of this for our end-users,” he said.
Uttamchandani also said they have been providing funding for small and medium enterprises since 1970s.
He said their target market are those who cannot afford paying a down payment or a brand-new car.
“Our vision is to service the market with affordable cars at flexible terms. BuyACar is a first of its kind offering here in the country where customers can own a vehicle for a minimal or zero down payment,” Uttamchandani said.
He added that there are 60 million to 70 million workers in the country who do not own a vehicle and should actually own one.
Uttamchandani said their core focus are transient workers in Metro Manila. He also said that Makati City, for instance, has 4 million transient workers who take public transport but are capable of having their own vehicle.
“Our proposition solves an issue. Transportation is an issue for almost everyone. Who wouldn’t want to own a car? It’s every person’s dream to own [his or her] own vehicle. We’re just helping facilitate that dream,” Uttamchandani said.
Paul Anthony A. Isla
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