JULY 2019 FORBES INDONESIA | 31financing business still has promising potential. Cur-
rently 80% of automotive purchases in the coun-
try are done through financing schemes. Stanley’s
long experience in the business coupled with Bank
Mandiri’s huge customer base has created a solid
synergy for the business. Car loans contribute 65%
while the remainder comes from motorcycle loans,
both for new and used vehicles. In the future, Stan-
ley plans to balance car and motorcycle financing at
50:50. To boost the motorcycle loans, Bank Man-
diri has launched special loan products and started
to display motor-
cycle products in
its branches. One of
the sales drivers for
the company is the
expansion of its net-
work. There were
69 branch offices in
2016 and this has
increased to 100 offices. Stanley claims that with this
network the business can grow by up to 25%.
As the branch offices expand, the number of
employees has increased from 1,250 to almost
6,000. One of the main motivations for Stanley to
get back into the business is that the multifinance
industry creates jobs. He believes that the multi-
finance industry can absorb many talented people
and improve their business skills.
“All of them can grow, no one will be stuck ex-
cept those who want to stay in their comfort zone,”
Stanley says. “As employees get a better under-
standing, they will be more motivated and efficient
in doing their job,” Stanley adds.
Value of Trust
Stanley cherishes and treasured his partnership experience with
Theodore Permadi Rachmat, with whom he learned that the
most important thing in a partnership is trust. In the early years
of Adira, Teddy was very trusting and supportive in the business,
which made running the business easier. Adira was an unknown
player, so Teddy was the one that introduced the company
around, especially to the banks that provided financing. “Conve-
nience in a partnership makes us more careful as the value is very
significant, trust and integrity are very valuable. I also learned a
lot from Teddy’s wisdom toward employees,” Stanley says.
Last year, in its research, rating agency PT
Pemeringkat Efek Indonesia (Pefindo) said fi-
nance firms would face liquidity challenges ahead.
Business growth is likely to falter as funding,
which usually comes from conventional banks,
slows down. This slowdown can be seen from the
loan or financing receivable distribution, which
grew only 7% last year, slower than the 7.7% in
the previous year. Stanley predicts that there will
be consolidation among multifinance players in
response to the challenge. He also feels that apartnership with a bank is also critical to sustain-
ing the business. To maintain the growth, Stanley
says the company needs to continuously adapt to
trends and customers’ needs. To keep up with the
trends and demand the company will expand to
multipurpose loans and also trade-in programs.
The company will also broaden its collaboration
with Bank Mandiri from the corporate or retail
side of the business, and even collaborate with fin-
techs for added value.
“Funding, network, relationship, manpower ca-
pacity, and technology are the five elements needed
to be a strong multifinance company,” Stanley says,
and so far his company seems to have it all. F“In a way the adrenaline of
being an entrepreneur is
similar to driving a supercar.”