Socar Launches 'Casting' to Sell Used Cars Contactlessly...

[Asia Economy Reporter Buaeri] Socar is launching an online used car platform called 'Casting' and starting a used car sales business.

According to Socar on the 19th, the 'Casting' menu will be newly added to the existing Socar application, and the service will begin at 2 PM on the same day.

Socar members can purchase used cars that Socar has directly managed and operated through car sharing online.

Socar will initially sell three models of compact SUVs and sedans: ▲Tucson (2017 model, starting from around 11 million KRW) ▲Sportage (2017 model, starting from around 11 million KRW) ▲Avante (2016 model, starting from around 5.9 million KRW).

Since the distribution process is minimized, vehicle prices are on average more than 10% cheaper compared to market prices. Socar plans to continuously expand the range of models and vehicles for sale.

All processes from vehicle inquiry to purchase are conducted contactlessly. On the Socar application, users can search according to various conditions such as price, mileage, model year, and accident history for each vehicle. Additionally, detailed information such as remaining warranty period, convenience features, and insurance history can be compared at a glance for each vehicle.

A 'Test Drive' service is also provided, allowing customers to try the vehicle for 24 or 48 hours in advance. For a fee equivalent to car sharing usage, customers can receive the vehicle at their desired time and place and experience and inspect it for 24 or 48 hours beforehand.

The usage fee for Avante is 130,000 KRW for 24 hours and 180,000 KRW for 48 hours, which includes insurance and driving fees. The paid test drive fee is discounted from the final purchase price.

All vehicles sold through Casting include the 'Casting Warranty Program,' which extends the AS period free of charge. Used cars often have difficulty with warranty repairs or require separate purchase of warranty extension products after the manufacturer’s warranty period ends. However, all vehicles sold on Casting are covered by a free warranty up to 5 million KRW, the highest level in the industry, for 1 year or 20,000 km.

Jaeuk Park, CEO of Socar, stated, "We aim to propose a new consumer-oriented used car purchasing method by combining Socar’s know-how in contactless services, vehicle management technology, and data science capabilities." He added, "We will continue to expand mobility choices through technology and platforms and strive to build a flexible and reasonable mobility ecosystem."