Tymstar Motors, Chase Bank Kenya

Business, Chase Stories, Chase Tip & Tricks, SME Banking

#ChaseStories: Tymstar Motors Limited.

16 Jun , 2015  

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Welcome to the Chase Stories series. Where we tell the stories of our business (SME) clients, and how our relationship was formed. Because if business matters to you, it matters to us.

Meet Mr. Paul Mureithi, the Managing Director of Tymstar Motors Limited, ChasePreneur. He’s runs a car dealership business that also deals in car renting, leasing and servicing.

Tymstar Motors was founded in 1996, and at that time they were individual importers.They started out with just one car, and made about KES 102,000 after selling it. They then relocated to Parklands in 2000, where they car dealership is currently based. The journey to opening a business account with Chase Bank began in 2005 when Mr. Mureithi was in dire need of a bank that will be able to give him credit facilities to enable him expand his business. And a relationship was borne. He was then able to open a small branch of Motor Vehicle Servicing, where they had their back up of Honda CRV’s, and have been experts of the Honda CRV servicing for the last 10 years.

What are some of the challenges you’ve faced as an entrepreneur?

In every business you need to be patient, have a focus, and also take risks.  We’ve lost money like any other business, we’ve had bad debts, but that has never killed  us. We’ve also had challenges in servicing our facilities, but it was great to have a listening and understanding financial partner. And through this, we were able to expand and wither the competition, and remain the best in terms of quality and trust.

How did these learnings influence your business?

The investment I did was honesty, because it will always pay back. And always bringing in quality cars, because that’s the backbone of my business. A good human resource too, if I recall, since I started, I have not laid off more than 5 people.

What do you look for in a financial partner?

A listening and understanding partner, who plays a role of assisting you in the management aspect of the finances. For instance, at Chase Bank, we have the managers visit our premises to see we’re doing and enable us to to grow the business through provision of facilities.

Parting shot to someone starting out in business?

“For the young people, you must be patient.  If you want to be where we are, it’s taken us close to 20 years to be where we are. You must create the trust from the customers, because without customers, you’re going nowhere.”

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Always sharing stupendous tidbits. Lifestyle blogger. Sucker for content that builds. Aiming to inspire, impact or influence someone.

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