Hyundai Glovis has surpassed 2 million cumulative vehicles auctioned in the domestic used car auction market, marking a significant milestone after 25 years in the business. This achievement is attributed to the expansion of auction hubs, the establishment of an online non-face-to-face auction system, and the growth of the used car export market.
The company announced on July 20 that it reached the 2 million vehicle milestone based on used car transaction statistics. Hyundai Glovis began its used car auction business in 2001 and surpassed 1 million vehicles in cumulative auctions in 2018. The company continued its rapid growth, reaching 1.5 million vehicles in 2023 and 2 million by June 2026.
A company representative explained that the growth was driven by a combination of factors, including the expansion of auction hubs, the establishment of an online non-face-to-face auction system, increased demand for used car exports, and the direct purchase of vehicles from consumers through 'Autobell Sell Your Car.'
Hyundai Glovis operates four auction centers across the country, including Incheon, Bundang, Siheung, and Yangsan. Leveraging a network of over 2,800 auction member companies, approximately 150,000 vehicles are auctioned annually.
The online auction platform is also considered a competitive advantage. In 2020, Hyundai Glovis introduced 'Autobell Smart Auction,' the first non-face-to-face auction system exclusively for used car auction members in South Korea. This system allows the entire process—from bidding to winning, settlement, and delivery requests—to be handled online via smartphones or PCs.
The expansion of the used car export market has also supported the increase in auction volumes. Hyundai Glovis has consistently expanded the participation of export companies in auctions by connecting domestic used car transactions with overseas demand.
A Hyundai Glovis official stated, "Through the expansion of hubs and continuous system improvements, we have set a new milestone of 2 million vehicles in the domestic used car auction market."
Meanwhile, Hyundai Glovis reported a revenue of 7.8127 trillion won for the first quarter of 2026, an 8.2% increase compared to the same period last year. During the same period, operating profit rose to 521.5 billion won, up 3.9%, with an operating profit margin of 6.7%.
* This article has been translated by AI.
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