Lotte Rental wins $30 mn Tower Export Award for selling used cars

Lotte Rental said on Tuesday that it was granted the "$30 Million Tower" Export  Award at the "59th Korea Trade Day" award ceremony, thanks to the hot-selling eco-friendly cars and SUVs.

The Trade Day is an annual event hosted by the Korea International Trade Association to reward companies that have contributed to pioneering overseas markets and achieving export goals.

The South Korea's biggest car rental company received the award for recording a cumulative volume of used car exports of $37.14 million through October of this year through the used car export brand "Lotte Auto Global."

By the end of the year, it is projected to achieve $39 million in exports, a 244.5% increase compared to the year 2020 ($11.32 million).

Lotte Auto Global has pioneered overseas markets such as the Middle East and Latin America and expanded its global network to sell more used cars.

In particular, it achieved an outstanding export performance by focusing its sales capabilities on Jordan and Saudi Arabia in the Middle East, where people's fondness for Korean-made used cars is very high. In addition, it sold quite a lot in Latin America including the Dominican Republic.

Kim Hyun-Soo, CEO of Lotte Rental, said, "Being awarded the $30 million tower is the outcome of our concerted effort to expand overseas business based on our strengths, such as used car auction know-how and an excellent car maintenance service through Lotte Auto Care." "We will keep providing quality used cars by offering transparent information to domestic and international customers," he added.

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