Korean used car companies are rushing to reinforce their export infrastructure to ride the current boom.Hyundai Glovis Co., the logistics unit of the world’s third-largest carmaker Hyundai Motor Group, will build an integrated system that can handle the entire export process of used cars, encompassing car purchases and cargo loading, to meet growing global demand, said an official from Hyundai Glovis.Lotte Rental Co., Korea’s No.1 car rental and lease firm, recently acquired by Hong Kong-based private equity firm Affinity Equity Partners, is also ramping up efforts to export its rental fleet from its UAE branch to third-party countries, anticipating soaring demand for Korean used cars as geopolitical risks have eased in parts of the Middle East, including Syria, said a company official.
Russia, which has been struggling to import new cars from Europe following its attack on Ukraine in 2022, has also expanded imports of used cars from Korea and Japan.“The Korean used car market has entered an unprecedented boom, fueled by rising demand from Syria amid its national reconstruction following the end of the civil war, alongside continued disruptions from the Russia-Ukraine war,” said Shin Hyun-do, head of a local private organization providing insights and data on the country’s used car market.
According to Russia-based Autostat, of ABTOCTAT in Russian, the best-selling car model in the country last year was the Toyota Camry, trailed by the Kia Sportage and the Hyundai Creta.“Demand for cars made by Japanese and Korean brands remains high in the Russian used car market,” said an official from the Korea Trade-Investment Promotion Agency’s (KOTRA) St.Petersburg branch.
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