Market Share of South Korea Used Car Industry
The South Korean automotive market is characterized by a high degree of fragmentation and intense competition. It features a multitude of domestic dealers, both organized and unorganized, spread throughout the country. Among the prominent players in this landscape are Autowini Inc., Robert's Used Car, KB Cha Cha Cha, K Car, Encar, Used Car Korea, Sena Trading, Car Vision, Be Forward, PicknBuy24, and Han Sung Motor, among others. These market participants engage in fierce competition, vying for supremacy in various aspects such as pricing of used cars, online visibility, value-added services like warranties and financing options, commission structures, the extent of listings on their platforms, and accessibility to comprehensive vehicle performance information, among other factors.
Many companies within this ecosystem are proactively venturing into the online used car sector, aiming to strengthen their brand presence and expand their operations across South Korea. On the flip side, certain car rental companies in the country, foreseeing the challenges posed by the used car industry, are reevaluating their integration strategies. For example:
In June 2023, Lotte Rental Co., a prominent car rental company in South Korea, decided to abandon its plans to enter the domestic used car sales market. Instead, the company unveiled its intention to concentrate on reinforcing its used car rental and commercial vehicle leasing divisions.
In May 2022, Hyundai Glovis, a subsidiary of the Hyundai Motor Group based in South Korea, made headlines by acquiring a complete stake in the United States vehicle auction dealer Greater Erie Auto Auction (GEAA). This strategic move was aimed at expediting its entry into the global used car market and achieving a revenue target of 300 billion won (approximately USD 211.1 million) in the US market.
South Korea Used Car Market Leaders
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Autowini Inc.
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Robert's Used Car
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KB Cha Cha Cha
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K Car
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Encar
*Disclaimer: Major Players sorted in no particular order
