August 24, 2020, Kuala Lumpur – Renault has been named Malaysia Car Subscription Company of the year at the 2020 Frost & Sullivan Asia Pacific Best Practices Awards for its Renault Subscription programme.
Celebrating its first anniversary this month, the Renault Subscription was designed to offer a more affordable and flexible alternative to vehicle ownership beyond the traditional hire-purchase model as well as car sharing and rental options that are available in the market.
“We are delighted to have received this prestigious accolade from Frost & Sullivan. It is testament that Renault Subscription – a first-of-its-kind by an OEM – has successfully disrupted the industry status quo by creating a new niche within a highly-competitive landscape to address unmet consumer needs,” said TC Euro Cars (TCEC) Sdn Bhd chief executive officer Wong Hoe Mun in a statement.
The Company of the Year Award is evaluated independently by Frost & Sullivan analysts based on the following key benchmarking criteria: addressing unmet needs, implementation of best practices, financial performance, price and performance value, customer service experience and brand equity.
TCEC, the sole franchise holder for Renault vehicles in Malaysia, first introduced the Renault Subscription in August 2019. The idea was to help customers to break away from long-term hire-purchase tenures, ownership costs and concerns and worries about depreciation.
With its affordable rates and multiple plan options, it gave the opportunity for consumers to ‘own’ or upgrade to a vehicle of continental quality and standards.
“We are proud of the ground we have made with Renault Subscription. We truly believe that Renault Subscription is changing lives and the way consumers view their relationship with their vehicles. The Movement Control Order and on-going COVID-10 pandemic has been challenging but by constantly innovating on our offerings, we believe we are able to meet the market where they are – matching their needs with a solution that they are looking for,” Wong said.
After a year, the Subscription programme has generated more than 135,000 enquiries from interested parties and acquired more than 1,000 customers. Of these customers, 10 percent own more than one Subscription plan.
Some of the key reasons cited for choosing Subscription includes no loan concerns, no long-term lock-ins, no depreciation concerns, a new car every two to three years, no down payment, no interest rates and all-inclusive costs.
The Subscription model has proven to be well-received amongst younger audiences, with more than 50 percent customers below 40 years old. Another segment that Renault Subscription is popular with is the expatriate group, which resulted in 20 percent of customers.
“I’ve been interested in the Captur for some time but as a foreigner, it is very difficult and tedious to secure a bank loan in Malaysia. Renault Subscription is ideal because there is less hassle and the approval process was much faster.
“Furthermore, it is way more affordable than car leasing or rental and I’m assured of getting a comfortable brand-new continental car instead of a smaller used vehicle,” said a subscriber and also a Japanese national who has been living and working in Malaysia for 10 years, Mariko Yasumura.
The Renault Subscription is offered in the Fixed and Switch plans for the Captur compact crossover and premium Koleos SUV, after getting more feedback from the customers, the company further enhanced its plans and added the high-performance Renault Megane R.S into the subscription line-up late last year.
Earlier this year, TCEC launched the Renault Subscription 7-Day Trial Plan, the 1-Month Trial Plan and the Pre-Owned Captur 1-Year Fixed Plan. The various Fixed plans are the most popular with 74 percent of customers choosing it. The Trial plans on the other hand, captured 21 percent customers,while the Switch plans took up 5 percent of its customers. In terms of the models selected, the Captur was the most popular choice amongst its customers with 82 percent opting for it.
Those who are interested in Renault Subscription can visit the Renault E-Store for information and to register for an account. Customers can also take advantage of the special deals which are happening this month, with savings of up to 38 percent and free upgrades to the special edition Captur Trophy worth up to RM 7,200 for Fixed plans on the Captur.
For more information, visit Renault E-Store at www.renault.com.my or call 1800-18-8663 from Monday to Sunday, 8am to 8pm.