On June 4, Kolon Mobility Group announced that it has acquired a 100% stake in AutoHub Selca, a company specializing in auto auctions.
AutoHub Selca operates a large auction house in Anseong, Gyeonggi Province. With this acquisition, Kolon Mobility Group aims to complete an integrated value chain covering the entire lifecycle of vehicles, from new car purchases to resale.
The company will also strengthen its procurement channels for its used car platform, '702 Certified Used Cars.' Industry experts believe that this value chain development will serve as a significant opportunity to enhance various business areas, including rental cars, vehicle repairs, and warranty extensions.
Kolon Mobility Group has declared its goal to achieve a corporate value of 1 trillion won by next year through business model diversification.
Choi Hyun-seok, CEO of Kolon Mobility Group, stated, "The acquisition of AutoHub Selca is a strategic decision to fundamentally enhance the competitiveness of the 702 Certified Used Cars business and to set a new standard in South Korea's used car market."
According to the Ministry of Land, Infrastructure and Transport, the domestic used car market is expected to reach approximately 2.42 million units annually by the end of 2024, surpassing the new car market, which stands at around 1.67 million units.
* This article has been translated by AI.
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