[Asia Economy Reporter Choi Dae-yeol] Hyundai Glovis announced on the 11th that it has opened a new used car auction site in Incheon. The site covers a total area of 17,851㎡ and can accommodate about 600 vehicles. It is also equipped with a system to inspect the vehicles gathered in the 300 auction seats.
Previously, the company operated auction sites in three locations: Bundang, Siwha, and Yangsan in Gyeongnam. The newly opened Incheon site is the fourth and aims primarily at Seoul and the northern Gyeonggi region. Its proximity to the Incheon used car sales complex is also an advantage.
Hyundai Glovis expects to solidify its position as the largest auction operator in the country by adding a new site in the metropolitan area, where used car transactions are frequent. Currently, about 10,000 used cars are listed monthly across its nationwide auction sites. The number of participating dealerships reaches approximately 2,100. The company stated that its market share based on the number of listings is close to 50% domestically.
The company started its used car auction business in 2001. To date, more than 1.4 million vehicles have been listed. In 2020, it launched a cloud service integrating used car listing information. Last year, it introduced an online used car trading platform to expand sales channels for used car dealers. It has also expanded overseas operations by acquiring a local used car auction operator in the United States.
A Hyundai Glovis representative said, "Consumers can sell their vehicles at reasonable prices through fair auctions, and dealers can win bids on high-quality used cars that have undergone thorough inspections, creating a virtuous cycle."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
