A Hyundai Glovis employee inspects a second-hand vehicle. (Hyundai Glovis)
Autobell, a second-hand vehicle retail selling service operated by Hyundai Glovis, has seen growing popularity among users amid the expanding used car market.
As of last year, government data showed that a total of 3.69 million second-hand vehicles have been registered, about double that of newly registered cars at 1.8 million units.
Hyundai Glovis, which runs three auction houses across the country – Sihwa, Bundang and Yangsan -- launched its vehicle auction service in 2001.
From 2012 to 2018, the company recorded an average of 4.8 percent rise in the number of used cars sold via auctions annually. Its accumulated number of auctioned cars hit 1,000,382 in November 2018.
The company attributed the constant popularity of its used car auction service to its network comprising some 1,800 members including franchisees and approved buyers.
Autobell has been expanding its auto auction service, enabling online bidding platform and a mobile vehicle inspection process for submitted cars.
Submitted cars are inspected for performance before they are put up for auction. The owners then either sell the cars according to reserve prices or put the vehicles up for a competitive bid in which the highest bidder gets to auction off the automobile.