K Car Reports Operating Profit of 68.1 Billion KRW Last Year, Up 15% Year-on-Year
Market Share in Used Car Sector Rises Slightly to 12.3%
K Car, a direct-operated used car platform company, announced on the 6th that its operating profit last year increased by 15.4% compared to the same period the previous year, reaching 68.1 billion KRW. Sales revenue recorded 2.3015 trillion KRW, up 12.4%.
In the fourth quarter of last year, sales were 528.4 billion KRW and operating profit was 15.3 billion KRW, rising 6.6% and 28.2% respectively compared to the same period the previous year.
K Car’s total sales volume in the fourth quarter increased by 9.4% to 36,401 units, driving overall industry demand. Market share rose by 0.9 percentage points year-on-year to 12.3%.
K Car explained that its auction business showed strong performance. The number of auction sales in the fourth quarter increased by 19.8% year-on-year to 10,325 units, surpassing 10,000 units for the first time on a quarterly basis. Including 4,589 vehicles consigned by other companies, total sales reached 14,914 units.
Retail sales volume also grew steadily across both online and offline channels, increasing by 5.8% year-on-year to 26,076 units.
K Car plans to solidify its industry-leading position by differentiating itself through AI-based demand forecasting and average selling price (ASP) strategies. It expects the certified used car market to grow this year, led by corporate business operators, and intends to actively leverage external networks to strengthen market dominance. The company aims for double-digit operating profit growth by focusing on profitable businesses such as auctions.
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Jung In-guk, CEO of K Car, stated, "Used car demand, which was delayed due to interest rate hikes and economic uncertainty, will gradually recover. As reasonable used car prices compared to new cars become more prominent, demand is expected to accelerate, and we will build a platform that consumers trust and seek."
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