Hyundai Glovis acquires Greater Erie Auto Auction

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Hyundai Glovis acquires Greater Erie Auto Auction

Greater Erie Auto Auction's auction house in Pennsylvania [HYUNDAI GLOVIS]

Greater Erie Auto Auction's auction house in Pennsylvania [HYUNDAI GLOVIS]

 
Hyundai Glovis has acquired Greater Erie Auto Auction, a U.S. car auction company, to expand into the secondhand car auctioning market.
 
The acquisition price wasn’t disclosed.
 
Greater Erie Auto Auction is a car auction company based in Fairview, Pennsylvania. It was formed in 2003. The company has a 200,000-square-meter auction house and annually handles around 20,000 cars. 
 
Following the acquisition, Hyundai Glovis plans to tap into the car auctioning business in the United States, aiming to have auction sites at six cities in the country by end of 2025. The company's business is centered around sea freight, but has also been running car auctions in Korea since 2001. 
 
Hyundai Glovis said its goal is to achieve annual sales of 300 billion won ($210 million) in the United States starting from 2026. To reach its goal, the company is aiming to strengthen online auctioning services of Greater Erie Auto Auction, offering car auctions using virtual reality technologies.
 
The company says the market has huge potential because a big portion of secondhand cars in the United States are dealt through auctions. According to market tracker Cox Automotive, 40 percent of secondhand cars were sold and bought through auctions in the United States in 2020, compared to only 10 percent in Korea the same year. 
 
“Greater Erie Auto Auction’s business expertise and Hyundai Glovis’ logistics networks and experience in operating auction houses will create synergies,” said a spokesperson for Hyundai Glovis. “Starting with the acquisition, we plan to expand our business into various states in the United States and other countries.”

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]
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