Hyundai Glovis offers a used-car auction solution

Hyundai Glovis is offering a contactless, cloud-based used-car auction service for direct integration with auction houses.

The new system is called the Autobell Smart Auction, and it will allow businesses to offer three times the number of units for auction than they had previously.

With the use of servers in the cloud, Hyundai Glovis collects product listings and related information from three used-car auction houses in Korea. Around 1,900 used-car dealers registered on the system can access auctions for used cars through their digital devices three days a week, which is when auctions are held.

Hyundai Glovis said the integrated online auction service will help used-car sellers meet the higher demand and bids for their products.

The company also created its own special bidding system, which breaks products down into four categories to reduce auction times by 60 percent.

For offline auctions at three used-car auction houses, Hyundai Glovis said it is providing 360-degree views of listed products, interior shots and a touchscreen display showing the auction process.

With the launch of the service, Hyundai Glovis said it can provide a boost to the used-car industry, which has suffered from a lack of transparency and trustworthiness. It believes its open cloud system ensures transparency for bidding and can result in healthy price discovery.

Hyundai Glovis joined the used-car auction industry by holding its first used-car auction in February 2001.

BY KO JUN-TAE [ko.juntae@joongang.co.kr]