Used Car Group Begins 'Hunger Strike' Today in Response to Hyundai·Kia Market Entry Announcement

Ahead of the Business Adjustment Deliberation Committee, the Ministry of SMEs and Startups 'Condemns'
"Stand with the Vulnerable... Do Not Neglect Your Duties"

The Korea Automobile Dealers Association held a rally on the 24th near the National Palace Museum in Jongno-gu, Seoul, opposing the entry of large corporations into the used car market. Photo by Moon Honam munonam@

[Asia Economy Reporter Kim Bo-kyung] A used car association is launching a hunger strike ahead of Hyundai and Kia's entry into the used car market.

The Korea Automobile Dealers Association Federation announced that Chairman Lim Young-bin and city and provincial association heads will begin a relay hunger strike starting on the 28th in front of the Ministry of SMEs and Startups, ahead of the 'Small and Medium Enterprise Business Adjustment Committee' decision that will determine whether large corporations can enter the used car sales business.

The Korea Federation stated, "For the Ministry of SMEs and Startups to fulfill its duty, after deciding not to designate the business as a livelihood-type suitable industry, it must stand on the side of the weaker party during the business adjustment process concerning Hyundai and Kia, the last stronghold of small business owners," adding, "The Ministry must no longer neglect its duties."

Chairman Lim criticized, "It is regrettable that the Ministry of SMEs and Startups, which should protect small business owners, is currently kowtowing to large corporations," and said, "They need to reflect on the reason for the Ministry's existence."

Earlier, last month, the Ministry of SMEs and Startups held a Livelihood-Type Suitable Industry Deliberation Committee meeting and decided not to designate the used car sales business as a livelihood-type suitable industry. However, they issued an ancillary opinion stating that since the entry of Hyundai and Kia into the used car market is expected to harm small and medium-sized business owners, appropriate measures are necessary at the Business Adjustment Committee.

An industry insider said, "While it is understandable that consumers welcome large corporations entering the used car market, behind this lies a market distorted solely for their benefit, leveraging their monopolistic superior market dominance, which will ultimately increase the burden on consumers."

Meanwhile, the Korea Federation held a rally from the 24th to the 29th of last month in front of President Yoon Suk-yeol's transition team, condemning the entry of large corporations into the used car market and the Ministry of SMEs and Startups' decision not to designate the livelihood-type suitable industry.

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