Minister Byeon Chang-heum: "Entry of Large Corporations into Used Car Market Contributes to Market Revitalization"

Attendance at the Land, Infrastructure and Transport Committee Report on the 22nd
"If mutual cooperation is achieved, it will rather contribute to business revitalization"

Minister Byeon Chang-heum of the Ministry of Land, Infrastructure and Transport is attending the full meeting of the Land, Infrastructure and Transport Committee held at the National Assembly on the 22nd, providing a work report. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kangwook Cho] Byeon Chang-heum, Minister of Land, Infrastructure and Transport, expressed the view that the entry of large conglomerate automobile manufacturers into the used car business could contribute to market revitalization.

On the 22nd, attending the National Assembly Land, Infrastructure and Transport Committee's business report, Minister Byeon responded to questions about large corporations entering the used car market by saying, "At first glance, it might seem that large manufacturers entering the used car market would eliminate coexistence, but if they cooperate for mutual growth, could it rather contribute to the activation of the used car business?"

The used car sales business was designated as a small and medium-sized enterprise (SME) suitable industry in 2013, restricting new entries and expansions by large corporations, but these regulations were lifted in 2019 when the Win-Win Growth Committee revoked the related industry designation.

Minister Byeon said, "Basically, the used car market has been centered on small business owners, so it is based on the fundamental principle of protecting small business owners and the perspective of consumer benefits," adding, "Nevertheless, if a plan can be prepared where large corporations can play a role in the used car market without excessively infringing on the rights or business areas of small and medium merchants, I think sufficient consultation is possible."

In addition, regarding the continuous postponement of the Automobile Insurance Repair Council meetings due to the COVID-19 situation, Minister Byeon said, "The insurance industry and repair industry have agreed to hold a meeting in March to proceed, and we plan to hold the meeting promptly."

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