SK Holdings sells Encar website to Australian firm

SK Holdings is shedding its used-car sales business to focus more on autonomous car development and its car-sharing business.

SK Group’s holding company sold its 50.01 percent holding stake in the online used-car sales platform operator SK Encarsales.com for 205 billion won ($188 million) to Australian Carsales Holdings on Monday.

As the Australian company had already acquired a 49.99 percent stake in SK Encar in March 2014, it attains full ownership of the company after purchase. SK Holdings is also selling the offline SK Encar business to local private equity fund Hahn & Company. The offline business, which was separated from the online business, operates 26 direct shops for used-car dealing in Korea.

Instead, SK will expand investment in its futuristic car business. The holding company has already invested in Korea’s No. 1 car sharing service operator Socar, in 2015. In May this year it established a joint Malaysian venture with the start-up. In September, it also took part in equity investment for U.S. car-sharing company Turo together with German carmaker Daimler AG.

By Kim Jee-hee