Socar Fixed-Term Rental Service Surpasses 1,000 Cumulative Contracts

Contract Numbers Nearly Double Since the COVID-19 Pandemic

[Asia Economy Reporter Jin-gyu Lee] Socar announced on the 16th that the cumulative contracts for its fixed-term rental service 'Socar Plan' have exceeded 1,000.

As of the 14th, Socar Plan recorded a cumulative total of 1,004 contracts, surpassing 1,000 contracts within six months of its launch. Among Socar Plan users, 41.5% extended their contracts, demonstrating high satisfaction. The average number of contracts in February and March, when the spread of COVID-19 intensified, nearly doubled (91.7%) compared to December last year and January this year.

Launched in October last year, Socar Plan is a fixed-term rental service that allows users to rent Socar vehicles for up to 36 months on a monthly basis. Since February, the service area has expanded to include Jeju. Considering Jeju's characteristics as a tourist destination with high demand for long-term stays, the product is sold as a one-month contract with the option to extend.

By age group, those in their 30s accounted for the highest contract share at 35.1%, followed by those in their 20s at 33.7%. The main user groups of Socar, people in their 20s and 30s, made up more than half (68.8%). Next were those in their 40s at 22%, and those aged 50 and above at 8.9%.

The primary purpose of use was commuting at 45.4%. This was followed by ▲business 15.3% ▲waiting for new car delivery or replacement 14% ▲leisure and hobbies 13.1% ▲travel 6.6% ▲children’s school commute and childcare 3.5% ▲university commute 2.1%. The rental period of one month accounted for the largest share at 62.7%.

Park Mi-sun, head of Socar Next Group, said, "We will actively leverage the strengths of our platform to create a car-sharing service that customers can use comfortably and at reasonable prices anytime and anywhere."

This content was produced with the assistance of AI translation services.