Name of Recipients:
Mr. Terence Neo
Ms. Fiona Neo
ntrepreneurship is a marvelous dream. It is also a dream for anybody to realize success. It is wonderful to see how dreams evolve and metamorphose into prosperity in an entrepreneurship. For Mr Terence Neo, the second-generation leader of Prime Motor & Leasing, entrepreneurship is an art to transform your labors into a local business, which is filled with opportunities and a major driver of economic growth in the whole world.
Prime, signifying success, initiated in 1993 with just 2 staffs. Today, the number has proliferated tremendously, with nearly 150 staffs managing the operations of the business. Prime Motor & Leasing includes many subsidiaries such as Prime Car Rental & Taxi services, which proffers car rental and cab services to the masses. The company is a pioneer and prominent in the automotive and export industry, with 2 effective locations, proffering more than 1500 vehicles, both new and used. The business has also won many coveted accolades, such as the Top Outstanding Entrepreneurs award by The Asia Pacific Entrepreneurship Awards in 2009, alongside the Most Innovative Business award by The Entrepreneur of the Year 2007 organized by Rotary Club and ASME.
Mr Neo then disclosed why he decided to embark his career as an entrepreneur: “Prime Motor & Leasing was the fruits of labor of my father and uncle. I see it as a responsibility, an obligation to continue their line of work, as to me, it’s a form of inspiration to see how much my family members achieved from scratch.” Mr Neo added: “The satisfaction derived from business is also very rewarding.” Mr Neo also explicated: “I also possess a passion for cars, and deep knowledge that my company founders have in this industry, this gives me the competitive edge.”
Success comes with a price, which is called Challenges. When Mr Neo took over the business in 2007, the financial crisis began at the following year, in 2008. Prime Motor & Leasing saw a big dip in sales as a result. “It was hard, but we were determined. We had very good relationships with our key clients. They supported us during these bad times.” Mr Neo shared how he managed to overcome these setbacks. Mr Neo was also quick on one’s feet, he decided to capitalize on this opportunity and increased the inventories by purchasing a multitude of cars at low prices, reversing the loss incurred during the earlier stages of the hitches.
The company’s ultimate goal is to help create a liberalized environment in Singapore’s motor industry for all fellow trade members. By being flexible and innovative to cope with the ever-changing markets and trends, Prime Motor & Leasing made superlative progress on achieving their goals. “In 2007, we made the bold move to enter the taxi business while many insisted that the local taxi market was already saturated. We are leading the industry by our strong commitment in providing an eco-friendly fleet of cars, comprising of only petrol, CNG (Compressed Natural Gas) and hybrid cars. We are confident that we will succeed in leading the change to greener transport for future generations.” Mr Neo said.
Mr Neo then divulged what motivated his desire to do better: “Whenever I see other businessmen winning awards, it motivates and inspires me.” Mr Neo, a competitive entrepreneur mentioned. Without doubt, Mr Neo’s acute observance and proficiency in the market contributed to the success of Prime Motor & Leasing. “Our restructure of the business by assimilating into the taxi industry has also allowed us to meet the future needs of the market. I believe having a good foresight and knowledge is our key to success.” Mr Neo rejoined.
“Self-discipline has always been one of the key principles I strongly live by, both at work and out. It is important to understand our goals at work and work towards the finishing line with purpose and consistency.” Mr Neo asserted. “A successful entrepreneur should possess good foresight, guts and perseverance, and great observance.” A humble Mr Neo then added: “I am still learning to build up my experience and guts to know when to strike at the best time. You must have the will to stay on until the very end.”
Mr Neo then advocated budding entrepreneurs yearning to start their own business: “To be an entrepreneur, you need patience and tolerance. These are the essences of success. Learn to appreciate the efforts put in by the previous generations.” Mr Neo adjourned: “A million steps up, starts from ground zero. You need hard work to prosper as an entrepreneur.”
Despite the fact COE prices are rising, Mr Neo was not daunted by this impediment. “Our car rental business is projected to grow by an estimated 15% in the next 5 years, as we continue to work closely with our clients from various sectors,.” Mr Neo then indicated his further expansion plans: “We are also planning to increase Prime Taxi’s fleet to 1000 in 2013. We are also creating a new milestone by bringing the first Hybrid Toyota Vellfire MPV taxis to Singapore. We aim to run solely on green vehicles and to sustain our place as one of the best performers in the taxi sector in terms of efficiency and production.”
Prime Motor & Leasing is a company, which is supremacy, superiority in the industry. It is no surprise, for Prime Motor & Leasing to be triumphant in the automotive industry with such a magnificent leader at helm. Prime Motor & Leasing’s success shall last for perpetuity.
220 West Coast Way #01-220/320 Hong Leong Garden
T| 6777 0666
F| 6774 2608
5 Benoi Place S(629926)
T| 6898 2000
F| 6862 2628
Prime Motor & Leasing
6 Benoi Place S(629927)
T| 6862 8878
F| 6862 2823