KUALA LUMPUR: PCCS Group Bhd, which is starting its hire purchase business this month with a RM5mil loan book, expects the division to start contributing in the current financial year ending March 31, 2022.

       Group managing director David Chan Wee Kiang is confident that Southern Auto Capital Sdn Bhd, the group’s hire purchase business would start contributing revenue to the group, now that Melaka has entered phase two of the National Recovery Plan. Once Johor enters phase two, this pace of growth will be quickened. PCCS’ hire purchase business is based in Melaka and Johor.

       “There is in fact a pent-up demand in the used car market. We are hoping to give out loans of RM1mil every month starting this month,” Chan said in a statement.

       Across Malaysia, there is now a greater inventory of used vehicles online.

       Dealers are accelerating digital efforts as they can see that the demand is there.

       “Barring any further lockdowns and assuming the economy returns to normal, we are aiming to more than double the hire purchase loan book size in the next financial year,” Chan said.