SK Rent-a-Car is ramping up its used car auction business.
SK Rent-a-Car announced on the 1st that it has opened 'SK Rent-a-Car Auto Auction' in Cheonan, South Chungcheong Province. The facility has a total area of about 88,000 square meters (about 26,000 pyeong) over 4 floors above ground and 4 floors underground, with a parking capacity of 3,000 vehicles. This is the largest used car auction house in the country.
SK Rent-a-Car acquired the used car sales facility from Hyundai Elevator in February and has been remodeling it for the past five months to transform it into an auto auction. Previously, it had sold its vehicles through external auction houses without its own auction facility.
A significant portion of the vehicles offered at the auto auction in the future is expected to come from SK Rent-a-Car's own inventory. With approximately 200,000 vehicles based on the approved number, the company notes that it can securely supply vehicles that are preferred in the used car market, aged 3 to 6 years.
The auctions will be held regularly every Tuesday afternoon, with about 1,000 vehicles offered at each session. A live bidding area with 100 seats will be available, and an online auction system will also be in place for participation nationwide without face-to-face interaction.
The 'Prove Station,' the latest product facility within the auto auction, allows for a one-stop process for vehicle performance checks, detailed diagnostics, bodywork and painting, interior and exterior cleaning and disinfection, and electric vehicle battery performance certification.
An 'Inspection Studio' has also been introduced to show the vehicle's condition via online live broadcasts. In this space, live broadcasts are conducted to explain and communicate in real-time about the vehicle's interior and exterior, as well as main options and any issues to member companies.
SK Rent-a-Car's auto auction aims to secure 1,000 member companies, list 20,000 vehicles, and achieve a bid success rate of over 70% by the end of this year. In the long term, it plans to grow into a leading automobile distribution platform in Korea that offers more than 100,000 vehicles annually, going beyond a simple auction house.
An official from SK Rent-a-Car said, 'The auto auction is a new concept platform that provides the entire used car distribution process, from maintenance to merchandising, all at once through our own infrastructure, not just a simple used car auction facility.' They added, 'Through continuous infrastructure enhancement and service innovation, we will change the paradigm of used car distribution.'