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Biz News Korea(Eng)
Korean financing service firms rush to burgeoning used car market
- Collected
- 2016.11.16
- Distributed
- 2016.11.17
- Source
- Go Direct
A market research firm NICE Research & Consulting (R&C) Inc., owned by NICE Holdings Co. announced on Monday that it launched a website NICE BlueMark offering information on used cars put up for sale. Consumers can get access to key data including market price, depreciation rate, included options and test-driving reviews and even make actual transactions via the website.
KB Chachacha, a used car website launched by KB Capital Co. in June this year, is gaining a huge popularity with the number of visitors exceeding three million in just four month since its launch. Dealers must sign up on the site and could be disqualified from membership if they provide false information or overcharge. Mobile application based startup Hey Dealer connects sellers who upload information about their cars with dealers who make bids on the cars for a better deal.
The financial service companies are rushing to the market for second-hand cars as it is rapidly expanding. The Ministry of Land, Infrastructure and Transport found that the volume of the market grew from 1.96 million units in 2009 to 3.66 million units last year, twice as big as the market for new cars with 1.82 million units.
Industry observers believe the local used car market has much room to grow as the world’s auto powerhouses such as the U.S. and Japan have their used car market almost three times bigger than the new car market. The rosy prospect is also driven by the improved skills of carmakers that extend the average life span of automobiles.
By Park Chang-young
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]