▶ Signing a business agreement with Hyundai Commercial Inc. and My Car Auction to collaborate on an online auction business for used construction equipment.
▶ Korea's first pre-diagnosis evaluation system launched... product warranties, even low-interest loans provided
▶ “We will strive to promote the used construction equipment market through customer-centric services”
  
HD Hyundai’s construction equipment business subsidiary HD Hyundai Construction Equipment is moving to revitalize the domestic used equipment market.
  
HD Hyundai Construction Equipment announced on April 5, 2024 (Friday) that it has signed a business agreement with Hyundai Commercial and My Car Auction for online used equipment auctions.
  
Under the agreement, the participating companies will build an online auction platform specializing in used construction equipment and introduce a pre-diagnosis evaluation system for the first time in Korea to put used equipment up for auction.
 
HD Hyundai Construction Equipment will help domestic dealerships sell their used construction equipment through auctions. To encourage participation, the company will offer buyers benefits such as product warranties and low-interest loans on the auction platform. It also plans to cover the costs of diagnosing and evaluating used equipment.
  
Hyundai Commercial will develop platform infrastructure for used construction equipment auctions and assume responsibility for overall service support for the platform.
  
My Car Auction will operate the auction system and recruit bidding companies. In addition, the company plans to conduct pre-diagnosis evaluations of used equipment to enhance the safety and reliability of its online auction system.
  
In the past, auctions for used equipment were open only to potential buyers during a specific auction period. Additionally, buyers had to visit the equipment in person and test-drive it to assess its condition. 
  
The newly introduced online auction platform is expected to reduce the auction process drastically from the usual one month to around three days by allowing the real-time registration of used equipment through prior appraisal of equipment by valuers.
  
HD Hyundai Construction Equipment officials said they have laid the groundwork for revitalizing the used construction equipment sales market in Korea this year, following Vietnam last year, and added that the company will further revitalize the used construction equipment sales market by providing services that consider customer convenience.