Federal Pacific expands into new car financing market

A local vehicle financing company is expanding into the brand-new car market after reporting strong business growth following the slowdown caused by the COVID-19 pandemic.

Federal Pacific said it has been financing imported Japanese second-hand vehicles since 2019, but is now widening its services to include financing support for brand-new vehicles across Fiji.

The company made the announcement during a recent networking event attended by both second-hand and brand-new car dealers, aimed at strengthening partnerships and creating new business opportunities within Fiji’s motor vehicle industry.

Shravan Sharma said the event focused on building stronger relationships with car dealers to support mutual business growth.

“What we’re looking at is the partnership with all the car dealers that will basically help in growing the business,” Mr Sharma said.

“So, it will be a win-win for both the car dealers and us.”

He said business activity slowed during the COVID-19 lockdown period in 2021, but has since rebounded steadily.

“COVID-19 slowed us down a bit. But from 2023, 2024 and now, we’re just growing,” he said.

Mr Sharma also clarified that Federal Pacific does not import vehicles, but works alongside car dealers by providing financing options to customers purchasing vehicles.