Hyundai Glovis launched on Tuesday the first contactless, cloud-based used-car auction system for direct integration with different auction centers.
The new system, named “Autobell Smart Auction,” provides an online and real-time bidding service, accessible even through a smartphone. The cloud-based system allows businesses to offer three times a higher number of units for auction than the previous methods.
Autobell Smart Auction provides information using 360 degrees images and 3D augmented reality (AR), allowing the customers to examine vehicles on sale carefully.
Hyundai Glovis, headquartered in Seoul, is the logistics unit of South Korea’s Hyundai Motor Group.
The supply chain management unit said that the contactless system combines data in cloud servers gathered from various auction centers located in Yangsan in South Gyeongsang Province, Bundang, and Sihwa in Gyeonggi Province.
About 1,900 used-car dealers registered on the system can access and participate in online auctions. As opposed to offline auction programs held once a week, online auctions allow for conduct of three programs a week.
Hyundai Glovis said that the launch of the new service would provide a boost to the used-car industry. The industry has suffered from a lack of trustworthiness and transparency. The company believes its contactless cloud-based auction system would ensure transparency for bidding resulting in good price discovery.
The logistics company also developed its special bidding system, which categorizes products into four groups reducing auction times by 60 percent. The system allows for faster and more convenient bidding.
Meanwhile, Hyundai Glovis said it would provide the three offline used-car auction centers with interior shots, 360-degree views of listed products, and a screen displaying the auction process.
Hyundai Glovis entered the used-car auction industry in February 2001 after conducting its first auction. Since then, the company sold more than 1.1 million used cars as of last February.
The company said that the new auction system would become a win-win opportunity for both sellers and buyers. Hyundai Glovis added that it would continue to develop new methods to advance the local used-car market and enhance customer service.