After First Middle East Export in October 2023, Expansion in Two Years
Last Year, 30% of Exported Cars Went to Europe, Africa, and North America
The Korea Insurance Development Institute announced on the 3rd that it has begun exporting its 'Car History' service, which provides accident history information for used cars, to Europe and Africa starting this month.
Car History is a service that provides information such as the number of accidents, repair costs, accident history, usage change history, and mileage based on auto insurance data. The accident history is identified using the vehicle's license plate number.
The Korea Insurance Development Institute decided to provide its used car accident history, usage change history, and mileage inquiry service to Europe and Africa starting this month, following a partnership request from the vehicle history inquiry service company Carvertical.
Previously, in October 2023, the Korea Insurance Development Institute signed its first overseas partnership agreement to export Car History to the Middle East. This time, the service area has been expanded to Europe and Africa.
According to the Korea International Trade Association, the number of exported used cars last year was 628,000. Of these, 185,000 units were exported to Europe, Africa, and North America, accounting for 29.4% of the total. The export share to these regions increased from 24% in 2022, to 25.7% in 2023, and to 29.4% last year.
Heo Chang-eon, president of the Korea Insurance Development Institute, said, "We expect this will minimize information asymmetry in the exported used car market, prevent unnecessary disputes, and enhance the reliability of exported used cars."
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