AUTOBACS SEVEN CO., LTD. (President: Yugo Horii) has reached a basic agreement (MOU) with KOPERASI AL-FALAH MALAYSIA BERHAD (KOPFALAH), a member of ANGKASA* in Malaysia, for the following two projects.

*) ANGKASA is an organization officially recognized by the Malaysian government in 1993 as representing the domestic and international cooperative movement. It includes approximately 14,000 cooperatives dedicated to promoting economic development in Malaysia and 7 million members, about 20% of the population, mainly consisting of civil servants.

The first project is dedicated to facilitating loans offered to public servants who are ANGKASA members via KOPFALAH, a credit cooperative affiliate of ANGKASA, when purchasing high quality Japanese used cars through installments automatically deducted from their salaries. This system is expected to significantly lower the hurdle for members to purchase cars and we expect to gradually expand the number of cars available.

In the second project, the "Authorized Dealer Network" promoted by AUTOBACS CAR SERVICE MALAYSIA SDN.BHD., a Malaysian subsidiary of AUTOBACS SEVEN, will be expanded to local auto repair shops affiliated with KOPFALAH. As authorized dealers, they will be given priority when selling maintenance products such as AUTOBACS original engine oil, thereby creating a total ecosystem from the purchase of imported used cars to the maintenance of the ANGKASA members' vehicles.

There are currently about 150 auto maintenance stores affiliated with ANGKASA, and the plan is to operate all of them as "Authorized Dealer Stores" within three years of the project start, while expanding the number of workshops that can use the financing program provided by KOPFALAH to these stores.

The AUTOBACS Group aims to develop and revitalize distribution channels and after-sales service centers for used cars imported from Japan in mainland Malaysia through these two projects.

The AUTOBACS Group will continue to take on new challenges, both in Japan and overseas, based on the Group's management philosophy: "Our mission is to create an enriched and healthy automotive society by offering our customers the best car lifestyle."

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Autobacs Seven Co. Ltd. published this content on 19 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2023 05:39:09 UTC.