Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Hyundai Glovis acquires GEAA to sell used cars in US
An inside view of Greater Erie Auto Auction / Courtesy of Hyundai Glovis
By Park Jae-hyuk
By Park Jae-hyuk
Hyundai Glovis has acquired a 100 percent stake in Pennsylvania-based Greater Erie Auto Auction (GEAA) to operate a used car auction dealership in the U.S., the company said Tuesday.
The logistics unit of Hyundai Motor Group plans to reinforce GEAA's sales networks in Cleveland and Pittsburgh by taking advantage of GEAA's popularity in Pennsylvania and its lower prices compared to rivals.
In addition, Hyundai Glovis will digitize GEAA's offline services, utilizing multichannel network auctions and augmented reality technology.
The Korean firm also aims to operate at least six auction dealers in major U.S. cities by 2025, expecting them to generate around 300 billion won ($210) in annual revenues.
“Once GEAA's knowhow of doing business in the U.S. integrates with Hyundai Glovis' global logistics networks and capability of running used car auction dealers, it will create a synergy effect,” a Hyundai Glovis official said. “Beginning with the latest acquisition, we will accelerate our efforts to expand our presence in the global market, including various U.S. states.”