SK Networks and Hyundai Hi-Car Insurance Sign MOU to Supply Imported Car ECO Parts

On the 19th, SK Networks signed a memorandum of understanding (MOU) for the supply of imported car ECO parts with Hyundai Marine & Fire Insurance at the Walkerhill Hotel in Gwangjin-gu, Seoul. An Mu-in, Head of the Parts Business Division (left), and Lee Sang-jae, CEO of Hyundai HiCar Claims Service, are posing for a commemorative photo after signing the MOU.

Photo by SK Networks

[Asia Economy Reporter Yoo Hyun-seok] SK Networks is strengthening its imported car recycled parts business by partnering with an automobile insurance company.

SK Networks announced on the 19th that it signed a business agreement for the ‘Imported Car ECO Parts Supply’ with Hyundai Hi-Car Loss Assessment at the Walkerhill Hotel located in Gwangjin-gu, Seoul.

ECO parts are products processed and reconditioned from bumpers, doors, trunks, and other parts recyclable from accident or repaired vehicles, made available for customers insured by the insurance company. Both companies plan to provide these parts to customers subscribed to the ‘Hyundai Marine Eco Point Reward Special Contract.’

This agreement was made to help imported car drivers with reasonable maintenance. Using recycled parts not only practices resource recycling but also reduces repair costs for insured vehicles, enabling rational economic activities. Customers with insurance will also receive rewards as benefits for using ECO parts.

SK Networks will operate the entire business process including purchasing imported car parts, final inspection of recycled parts, and supply to insurance companies. They purchase parts from imported cars that are discarded or involved in accidents, conduct inspections on recycled parts after productization processes, and then deliver them to insurance companies. This was possible because SK Networks has been contemplating ways to create new customer value while running comprehensive vehicle management businesses such as automobile light maintenance and emergency dispatch services, tire distribution, and imported car parts distribution. Regarding the parts business, since 2008, they have built a nationwide supply distribution network of over 120 locations and enhanced their capabilities in imported car parts distribution.

This joint business is expected to contribute to social value creation while establishing a business model of ‘recycled parts supply.’ A representative from SK Networks said, “By expanding partnership services with more automobile insurance companies including Hyundai Hi-Car Loss Assessment and increasing the range of reusable parts, we will prevent indiscriminate resource consumption and contribute to reducing disposal costs. We will enhance sustainability as an eco-friendly business that recycles resources in the mobility sector.”

Meanwhile, SK Networks is leading mobility life across its entire business area including subsidiaries. SK Networks operates the comprehensive automobile management brand ‘Speedmate.’ Earlier this month, it officially launched ‘The Carpet,’ a vehicle management platform specialized for imported cars.

Additionally, its subsidiary SK Rent-a-Car is driving market innovation by focusing on electric vehicle rentals as a core business. The online tire and battery shopping mall ‘Tirepick’ is preparing to evolve into a platform business operator. SK Networks also established a parts business division this year through regular organizational restructuring and is promoting new service launches and distribution model innovations.

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