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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor is the first major finished car in Korea to start its used car business in earnest.
According to related industries on the 3rd, Hyundai Motor will start selling used cars directly from the middle of this month. Hyundai Motor and Kia will play the role of existing trading bosses and online brokerage platform companies in the used car market. However, according to the government's recommendation, vehicles that have passed a quality inspection of more than 200 items for its vehicles with a driving history of less than five years and a mileage of less than 100,000㎞ will be selected and sold as "certified used cars."
Currently, last-minute preparations are in full swing to enter the market. Hyundai Motor has hired new employees for consulting used car customers and is creating a "commercialization and logistics center" in Yongin, Gyeonggi Province, and Yangsan, South Gyeongsang Province.
Hyundai Motor Group is emphasizing win-win cooperation in recognition of the backlash from the existing used car industry. Hyundai Motor plans to maintain its market share of used cars within 2.9% by April next year and 4.1% by April 2025. Kia also plans not to exceed 2.1% by April next year and 2.9% by 2025. It also plans to provide installment financing to individuals who purchase used cars through its affiliate Hyundai Capital.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
