The boss of Komoco has been heading the home-grown automotive firm since its establishment in 1986. His 30-year journey with Komoco kicked off with a corporate name (Ko-rean Mo-nopoly Co-mpany) coined on a business trip to Seoul that sealed the distributorship deal with Hyundai.
When Mr Teo hit the road in the Singapore motor trade, he had about 30 staff, including eight salesmen who had only two models to sell – the Excel hatchback and the Stellar saloon.
They delivered 273 new Hyundais to their cost-conscious customers in the first year of operations. In the three years that followed (1987-1989), Komoco added another 8503 units to the tally and proved its business case was sound.
Today, 15 of the pioneer staff in Mr Teo’s 1986 start-up are still in his employ. Their reasons for staying so long with Komoco include “a thoughtful and helpful boss”, “a mercurial yet generous and kind boss”, and “the care and warmth from our confident captain of the ship”.
The Komoco ship added new motors along the way – Harley-Davidson in 1994, Chrysler Jeep in 1996 and Ferrari in 2009.
But Hyundai has remained the bedrock of Komoco, with achievements that include the No. 2 car make on the local sales charts in 2004 (which was also the dealership’s most successful year with 13,888 units sold), the Sonata and i40 taxi fleets, and the Avante as Singapore’s best-selling new car in 2009, beating the Toyota Corolla Altis.
Mr Teo chats with Torque about Komoco, Hyundais and the beautiful game.
Which Komoco achievement in the past three decades are you most proud of?
Being the World Distributor of the Year 2000. We had close to 13 percent of the overall market, and we were recognised by Hyundai Motor Company as number one in the world.
Which Hyundai car in the past 30 years made the greatest impression on you?
When we started, we sold the old model called Stellar, more than 4000 units a year. That was a very rough and tough car. I remember that a Minister of State came to buy and he said the car was “a workhorse”. That taught me something – our cars that we sell, they must have the workhorse capability.
How do you envision Komoco to be 10 years from now?
I’m 70, not young anymore. It’s been my duty to try and bring the younger people in. I’m giving them more responsibilities. Our overseas ventures are doing well. I think the ship is quite steady.
We’re established, we know what’s coming, and we just have to be ahead of the game.
As long as we can provide a good product at the right price, that would be acceptable.
Our objective is to sell to family members – they keep the car for some time, and then they come back to buy the next one. We have worked quite well with that strategy.
But like everything else, volume is not the key, as far as our approach to the business is concerned. I think customer service is critical. Fortunately, I have a very good aftersales director, so I have more time to focus on marketing and operational aspects.
You love football, so do you apply any strategies from the sport to the car business?
Everything is about good man management. You look after the people under your wing, they will respond. It’s the same thing in football – you have to look after the boys.
I still follow Singapore football for fun, to see how things are. I watch EPL, too, and a lot of rugby.
What do you miss most about the good old days of Komoco in Singapore?
We were smaller, more efficient, and sold more cars with fewer people.
Remember your
very first Hyundai?
Yes! It was a Prima, an upgraded 2-litre Stellar, back in 1986.
The Komoco head honcho’s first Hyundai company car was a 2-litre Stellar Prima.
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