Incheon City Attracts Registration of Bavarian Motors Lease and Rental Vehicles... Expected Tax Revenue Increase

Incheon City aims to expand local finances by attracting lease and rental car registrations.

On the 9th, the city announced that it signed a business agreement with Barbarian Motors Co., Ltd. to register lease and rental vehicles in Incheon.

According to the agreement, Barbarian Motors will register the base of use for company-owned lease and rental vehicles in Incheon, and the city will provide a one-stop administrative service for vehicle registration through the provision of the Vehicle Registration Management System (INKAS) and the operation of a dedicated service desk.

Kim Sang-gil, Incheon City Finance Planning Officer (left), and Park Sang-yeop, Head of Barbarian Motors, are taking a commemorative photo after signing a win-win cooperation business agreement on the 8th.
[Photo by Incheon City]

Barbarian Motors, headquartered in Incheon, is a company engaged in the sales and maintenance of imported BMW and MINI vehicles as well as lease and rental businesses, operating 18 showrooms and 11 service centers in the metropolitan area.

The city expects local tax revenue of approximately 50 billion KRW over three years from attracting lease and rental vehicle registrations.

An official from Incheon City stated, "We anticipate tax revenue exceeding 50 billion KRW over three years, including about 5 billion KRW this year, 22 billion KRW in 2025, and 23 billion KRW in 2026. We will continue to listen to corporate difficulties and do our best to provide one-stop administrative services related to vehicle registration."