As the growth of the domestic new car market slows, dealers selling imported cars are strengthening their used car businesses. They are enhancing revenue by directly verifying the quality of vehicles and securing inventory while linking warranties, buyback options, and financing services.
According to the imported car industry on the 31st, Kolon Mobility Group plans to launch an online used car transaction platform as early as next month. They are considering applying the signage name '702', which is a numerical representation of Kolon's initials 'ㅋㅇㄹ'. Kolon Mobility Group is a dealer company that imports BMW, BMW Mini, Rolls Royce, Audi, Volvo, Polestar, and Lotus.
Kolon Mobility Group plans to operate a platform targeting used cars from its imported brands. They will secure inventory through vehicle sales from existing customers and selective purchases through auctions, while conducting quality certification through their own system. Additionally, they plan to provide warranty extension services by utilizing over 40 maintenance infrastructures nationwide.
The Deutsche Automobil Group, which imports BMW and Porsche, operates the online used car platform 'Charancha' alongside an offline used car sales complex known as 'Suwon Deutsche Auto World'. Additionally, they purchased 100% equity in the Busan used car sales complex 'Sajik Autoland' for 45 billion won last year and are carrying out remodeling and rebranding. A Deutsche Automobil Group official noted, "We are closely reviewing and preparing for the opening of the third complex within Sajik Autoland."
Hansung Motor, which imports Mercedes-Benz, has also begun expanding its 'certified used car 3-day refund guarantee system' to all models of Benz starting early this year. After purchasing a certified used Benz, customers can drive it for three days and, if dissatisfied, return the vehicle for a refund within five days. Hansung Motor is the first among imported car dealers to implement such a system.
The reason why imported car dealers are strengthening their used car businesses is that the growth of the domestic new car market is slowing. According to Kaizyu Data Research Institute, last year, the total new car sales in Korea were 1,635,520 units, a 6.5% decrease compared to the previous year, marking the lowest level in 11 years. In contrast, the number of used car transactions was 2,346,267 units, decreasing only 0.7% from the previous year, which is approximately 1.4 times the number of new car registrations.
In terms of imported cars, last year's new car sales were 288,000 units, a decrease of 2.5%, while the same period saw 355,658 used car transactions, an increase of 0.5% compared to the previous year.
An industry official remarked, "The imported used car market has issues such as a lack of after-sales service, short warranty periods, and narrow coverage of guarantees," adding, "Dealers can secure used car inventory during the new car sales process and link warranties, buybacks, and financing after the sale, allowing them to leverage strengths in the used car market."