In 2024, when Thailand’s auto industry saw new car sales decline by 26%—the lowest since 2009—and household debt continued to rise amid slowing gross domestic product (GDP) growth, Kasikorn Leasing (KLeasing) outperformed the market by delivering strong business performance. This was driven by strategic revenue enhancement with a 41 basis-point uplift in overall yields of retail business, disciplined portfolio management resulting in industry’s lowest non-performing loans (NPL), together with effective cost control that reduced operating expenses by 13%. Driving revenue growth amid macroeconomic headwinds According to Tirachart Chiracharasporn (Tirachart), managing director of KLeasing, the company’s financial performance stood out not only due to scale but also resilience. While many competitors saw portfolio contractions or margin compression, KLeasing managed to sustain growth and achieve yield improvement by shifting its focus towards higher-value segments, unlocking new sources of income, and integrated service delivery. He explained, “Even though the overall market contracted, we grew the business by redesigning the portfolio to optimise risk return, reallocating volume from lower-yield to higher-yield segments, and leveraging synergies with Kasikornbank (KBank) in both corporate sales and retail digital channels. KLeasing’s ability to adapt, innovate, and collaborate across the full automotive finance value chain — from wholesale to post-sale services — continues to be a core strength.” Addressing the full automotive value chain from wholesale to retail What sets KLeasing apart is its ability to leverage KBank to address the entire automotive finance lifecycle— original equipment manufacturer (OEM) financing, dealer floorplan credit, showroom construction funding, corporate fleet management, and personalised retail auto loans—all through a unified framework. For wholesale & corporate finance, the company’s “one relationship manager (RM), one underwriting” model ensures seamless experiences for clients and allows integrated credit line usage. KLeasing is the market leader in corporate fleet financing, with a portfolio approximately seven times larger than the second player. The company also maintains the largest floorplan credit line in the market, at THB19 billion (about $528 million), and provides financing solutions to Thailand’s most prominent automotive importers and distributors. “We serve from pre-finance to post-finance,” Tirachart said. “OEMs can secure trade and inventory finance, dealers can access showroom loans and floorplan credit, while retail customers get personalised credit offers. This integration helps us not only to support the entire ecosystem but also mitigate credit concentration risk.” Seamless digital experience across the auto finance journey KLeasing delivers a fully integrated digital experience that supports every stage of the auto finance journey — from first awareness to long-term engagement. The journey begins on KBank’s digital platforms, including K-Plus, KBank Live and K-Cash Connect, where personalised campaigns and targeted promotions help raise awareness and build trust directly with customers. As customers move into the consideration phase, they are seamlessly guided to K EV Shop, Thailand’s largest digital marketplace for new cars, featuring exclusive campaigns from OEM partners. To assist in financial decision-making, customers can use Quick Cal, a pre-screening tool that instantly estimates their eligible credit line — empowering them to browse vehicles within their affordability range. KLeasing’s digital origination journey is among the most advanced in the Thai automotive lending industry. Its Digital Self Apply platform incorporates the National Digital ID (NDID) for identity verification, e-consent, and an Integrated Score based on a composite score that combines application data, bureau records, and banking information. Tirachart said, “We use integrated scoring to achieve a higher approval rate of 80% to 90%, enabling the acquisition of high-quality customers at lower cost.” Post-purchase, the experience continues via KLeasing’s LINE Official Account (LINE OA). Through this channel, customers can conveniently manage repayments, track loan status, request documents, renew insurance, and receive proactive privilege notifications — all from a single platform. LINE OA also enables personalised top-up offers, helping retain customers and strengthen long-term engagement through timely and relevant financial solutions. Enabling the EV transition with international collaboration KLeasing’s leadership in electric vehicle (EV) financing is driven by strategic partnerships with leading Chinese EV manufacturers and close collaboration with KBank’s China-based operations. Tirachart highlighted the critical role of these alliances in accelerating Thailand’s EV adoption by supporting a broader EV ecosystem. “Our strong relationships with OEMs give us early access to upcoming model launches and exclusive financing opportunities — for instance, we are the number one financier of Tesla vehicles in Thailand,” he added. “As the first mover in EV financing, we’ve built the infrastructure, data, and capabilities to price risk accurately, while others in the market are still catching up. Performance culture and employee engagement drive outcomes Despite a weak auto market, KLeasing exceeded its financial targets in 2024 driven by strong performance culture. The company realigned its salesforce focus from volume-based metrics to profitability, supported by productivity dashboards used by all field staff. This shift was reinforced by consistent and growing employee engagement, which rose steadily from 65% to 87% over four years. “It has helped us build a culture that values sustainable growth. Our strength is built on synergy across KBank capabilities, digital platforms, and most importantly, our people. Together, we collaborate across teams and functions with shared purpose, turning vision into real outcomes that deliver meaningful impact to our customers,” said Tirachart. This commitment to both performance and people earned recognition from KBank’s executive leadership, naming KLeasing one of the group’s most purposeful and high-performing subsidiaries.
