Used Car Business Sailing Smoothly... Hyundai Glovis Auction Listings Over 1.5 Million Units

Hyundai Glovis announced on the 13th that the cumulative number of used car auction listings has surpassed 1.5 million units. After starting the used car auction business in 2001, the company exceeded 1 million units in 2018, 17 years later, and added another 500,000 units in less than five years.

The company operates its used car auction business through a competitive bidding method. The dealer who offers the highest price wins the bid. While general consumers cannot participate in the auction, they can list their vehicles. Vehicle owners can expect higher prices by selling to the dealer who offers the highest bid, and dealers can acquire high-quality cars, resulting in high satisfaction for both sellers and buyers.

Vehicles to be auctioned at the Hyundai Glovis AutoBell Siwha Auction Center are lined up.

In the first year of the business, about 10,000 units were traded at the Bundang Auction Center in Seongnam, Gyeonggi Province. Before opening the Siwha Auction Center in 2008, more than 250,000 units were circulated. In the early stages of the business, the company targeted corporate and rental car companies and partnered with vehicle leasing firms to direct expiring vehicles to the auction site, securing large volumes.

In 2012, the company expanded its business aggressively by establishing bases nationwide, including the Yangsan Auction Center in Gyeongnam and the Incheon Auction Center earlier this year. Currently, about 10,000 units are listed monthly in used car auctions conducted at four auction centers. Approximately 2,100 trading companies participate. Based on the number of listings, the company’s domestic market share is said to approach 50%.

Integrating vehicle information, which was previously managed separately by each center, into a cloud service and applying advanced technologies such as augmented reality (AR) to enhance customer convenience are also cited as growth factors. Last year, the company launched Autovel, an online used car trading platform, for its major customers, used car dealers. A company representative said, "By introducing efficient systems and improving convenience, we will make auctions more accessible for both used car dealers and general consumers."