Hyundai Commercial to enter online used equipment auction business

Hyundai Commercial Inc., Hyundai Motor Group's vehicle financing arm, announced on Friday that it has signed a business agreement with HD Hyundai Construction Equipment Co. and MyCar Auction to establish an online auction business for used equipment.

The latest agreement aims to create an online auction service that allows customers with used equipment to easily and safely participate in auctions.

Currently, the used equipment auction market remains inactive, with auctions held sporadically offline. The three companies anticipate that the online auction service will revitalize the used equipment trading market.

Hyundai Commercial will be responsible for infrastructure development for the online auction service and customer support, including expanding the usage through its app "GoTruck," targeting commercial vehicle drivers.

HD Hyundai Construction Equipment will supply the used equipment, and MyCar Auction will operate the auction system.

"Through this online auction service, customers can now easily and safely sell their existing used equipment," explained a Hyundai Commercial official.

Write to Hyung-Kyu Kim at khk@hankyung.com