SEOUL, Aug. 5 (Korea Bizwire) – The government has mandated automotive parts sellers to disclose the invoice prices of the parts including those of import cars. The Ministry of Land, Infrastructure, and Transportation said on August 3 that it revised a regulation on the automotive parts self-certification system and required the manufacturers and retailers of auto parts and components to reveal the prices on the Internet. The revision took effect on August 2.
All kinds of auto parts will be subject to the new regulation, including import car brands such as BMW, Mercedes-Benz, Volkswagen, Audi, and Lexus. The prices to be disclosed include those for “partial” or “assembly,” meaning that chunks of parts sold independently.
The price information must be updated every quarter, reflecting exchange rate movements. Parts manufacturers with no website must publish their price information through paper bulletins. Any manufacturers that do not comply with the rule will be subject to fine.
A ministry official said, “Once the parts prices are open to public, it would strengthen the consumers’ right to know while raising the transparency of the auto parts market.”
By Sean Chung (firstname.lastname@example.org)