On July 23, Sonokong announced that it is making a full-scale entry into the mobility market through strategic cooperation with Seoseoul Motorium, a used car dealership complex, following its acquisition of Klasse Auto, a Volkswagen dealership. With this business expansion, Sonokong plans to preemptively secure a leading position in the market by introducing a differentiated business model from existing used car market leader K Car.
After signing a strategic memorandum of understanding (MOU) with Seoseoul Motorium on July 10, Sonokong, through its wholly owned subsidiary Seoseoul Development, entered into a management consignment agreement on the previous day with the trustee (Seoseoul Automobile Industry, Taewon Group), who holds a 55% stake in Seoseoul Motorium, one of the largest used car complexes in Korea.
Sonokong's entry into the mobility business goes beyond simple expansion of its business scope; it aims to reorganize its core competencies to keep pace with the rapidly changing market environment and evolving consumer needs. Securing a new car sales channel through the acquisition of Klasse Auto and establishing a foothold in the used car business through cooperation with Seoseoul Motorium are expected to become key pillars of Sonokong's mobility transformation strategy.
Sonokong intends to maximize synergy by actively linking the new car sales capabilities acquired through Klasse Auto with its used car business. First, by strengthening its "trade-in program for used cars when purchasing a new car," Sonokong will offer customers who buy new cars at Klasse Auto higher purchase prices for their used vehicles and a more convenient selling process, thereby achieving a customer lock-in effect.
In addition, among Volkswagen vehicles sold by Klasse Auto, those that pass strict quality standards will be sold as "Sonokong Certified Used Cars" to enhance trust. This is expected to encourage repeat purchases of used cars by new car buyers and raise Sonokong's brand value in the premium used car market.
The core strategy of Sonokong's used car business is to leverage the offline base of Seoseoul Motorium to simultaneously achieve economies of scale and expertise. Sonokong will absorb outstanding dealers within Seoseoul Motorium into the "Sonokong Premium Used Car Dealer Network." By applying Sonokong's rigorous quality and service standards, the company plans to establish an image of "premium used cars through certified dealers."
Furthermore, by collaborating with financial institutions on the consignment sale of lease and rental car returns, Sonokong will build an exclusive used car supply channel distinct from K Car. Vehicles acquired in bulk from financial institutions will undergo thorough inspection and merchandising processes by Sonokong before being sold directly to consumers or efficiently distributed to partner dealers within Seoseoul Motorium. This specialized used car supply chain, established through cooperation with financial institutions, is expected to provide competitive prices and a wide variety of models, serving as a strong differentiator unique to Sonokong.
A Sonokong representative emphasized, "Based on powerful offline bases such as Klasse Auto and Seoseoul Motorium, as well as an exclusive supply chain through cooperation with financial institutions, we will create synergy between new and used car businesses and emerge as a new powerhouse in the domestic used car market through our specialized model of consignment sales of financial institution return vehicles."
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