This is the rationale behind the third Bank of the Philippine Islands Family Savings Bank (BFSB) Auto Madness, a car buyer haven that culls major car brands and models under one roof and offers special deals and attractive rates to would-be buyers. Held recently from April 30-May 2 at the Glorietta Activity Center, BFSB Auto Madness' aim is to make buying a brand new car convenient and fun - without wiping out one's wallet. "As a bank, we feel fortunate to be an instrument in helping our clients redefine limits through our auto-related offerings. Owning a car is entrenched in the aspirations of many a Filipino, and we'd like to be part of that through our Auto Madness endeavors," said Bank of the Philippine Islands president and CEO Aurelio Montinola III.
BFSB tapped various members of the Chamber of Automotive Manufacturers of the Philippines or CAMPI (such as Toyota, Mitsubishi, Nissan, Isuzu, Kia, Hyundai, Chevrolet, Volvo, Suzuki, Audi and Mercedes Benz) to ensure participation for the Auto Madness from the different reputable auto brands -- plus non-CAMPI members such as Jaguar, Subaru and Ford/Mazda. This comes on the heels of a very good March 2010 for CAMPI, as it recorded 35.5 percent overall sales growth in the first quarter of the year - including a 26.5 percent growth in passenger car sales and 48.9 percent growth in light commercial vehicle sales by the end of March. "It's good to tie up with a bank like BPI, because it helps reach out to buyers more easily. We're riding the wave of increased sales, which are helped immensely by OFW [overseas foreign worker] remittances - the country recorded P18 billion in OFW remittances last year. The BPI tie-up and OFW remittance statistics helps boost sales, because most vehicles are bought via financing. With this [BFSB Auto Madness] the auto industry can realize or even exceed the 137,000 units set for end 2010," said CAMPI president Elizabeth Lee.
This year's BFSB Auto Madness toted a Total Loans Solution where a customer's approval time is cut down in as fast as three to eight hours, customers are offered a free BPI-Petron Mastercard (with fuel rebates and free fuel) and payments are done via a wide range of options - including over-the-counter payments, auto debit arrangement, BPI Express Online/Express Phones and BPI automated teller machines. BPI also brought back (by popular insistence) its offer of a one year comprehensive motor insurance - with Acts of God coverage tossed in - for buyers' peace of mind. "BFSB has always endeavored to support and continually raise the standards for the auto industry. By providing a superior auto loans solution and events such as the Auto Madness, BFSB gives consumers a venue to find quality vehicles at affordable prices and convenient payment setups," said BFSB president Alfonso Salcedo, Jr.