Sonogong Signs MOU with Seo Seoul Motorium to Enter Used Car Market

On July 10, Sonogong announced that it has signed a strategic Memorandum of Understanding (MOU) with Seo Seoul Motorium, one of the largest automobile-focused shopping malls in Korea, marking its entry into the used car distribution market. This agreement signals Sonogong's full-scale expansion beyond its traditional toy business into new mobility-based revenue models.

MOU Signing Ceremony between Sonogong and Seo Seoul Motorium. From the left, Hyunil Cha, Managing Director of Sonogong, Deukmyung Kim, Inside Director of Sonogong, Wontae Kim, Chairman of Seo Seoul Automobile Sales Business Association. Photo by Sonogong

Seo Seoul Motorium, which signed the agreement with Sonogong, is an advanced building dedicated to automobiles with five underground floors and twelve above-ground floors. It is a large-scale used car multiplex with a site area of approximately 7,470 square meters (2,260 pyeong) and a total floor area of about 71,887 square meters (21,746 pyeong). Alongside a shopping and cultural space of about 22,000 pyeong, it offers vehicle inspection centers, car washes, comprehensive auto accessory stores, and financial and insurance services all in one place, establishing itself as a new integrated hub for used car distribution.

Through this agreement, the two companies plan to collaborate on multiple fronts across the used car business, including: jointly establishing used car distribution and sales strategies; co-developing lease and rental-based products; jointly operating marketing and brand initiatives; linking and optimizing inventory vehicle financing; and sharing infrastructure such as sales complexes, logistics, and platforms.

In particular, Sonogong aims to secure a stable used car asset management structure by linking with financial institutions. The company intends to strengthen its market competitiveness by developing a win-win system that can overcome the limitations of the existing used car distribution structure.

Deukmyung Kim, the designated Inside Director of Sonogong, stated, "Our collaboration with Seo Seoul Motorium, the largest automobile shopping mall in Korea, will be a turning point in building a new used car value chain that combines content and finance, going beyond simple distribution. We will make the used car business a new growth axis for Sonogong, achieving both stable revenue sources and increased corporate value."

During his tenure as CEO of Autoplus, Deukmyung Kim personally launched the 'RebornCar' brand. He established a system that re-certifies and commercializes vehicles with no accidents, under five years old and with less than 100,000 kilometers, to a level comparable to new cars, thereby enhancing the reliability and transparency of the used car market.