The Korea Insurance Development Institute (KIDI) announced on Thursday that it will provide a ‘Car History’ information service for used cars being shipped from South Korea to the Middle East. (Image courtesy of Incheon Port Authority)
SEOUL, Oct. 20 (Korea Bizwire) – The Korea Insurance Development Institute (KIDI) announced on Thursday that it will provide a ‘Car History’ information service for used cars being shipped from South Korea to the Middle East.
The new service, a result of collaboration with CARSEER, the first car accident history service company in the Middle East, will commence in October. ‘Car History’ is a comprehensive service that offers various details, including changes in ownership, driving distances, and accident history (such as the number of accidents and repair costs), all based on automobile insurance data.
KIDI explained that the decision to launch the service for foreign users is due to the increasing demand for information about used cars exported from South Korea. According to item-based export statistics compiled by the Korea International Trade Association, South Korea’s used car exports reached 398,000 units last year. For the first eight months of this year, that number increased by 67.5 percent to 417,000 units from last year’s 249,000 units.
In terms of used car shipments, the Middle East accounted for 166,000 units or 41.8 percent of South Korea’s total used car shipments last year. In monetary value, the Middle East represented $1.03 billion, making up 35.3 percent of the total.
The average per-unit export price was $6,202, slightly lower than the overall average of $7,346.
KIDI emphasized that the transparent distribution of used cars from South Korea, along with detailed accident information, can help prevent unnecessary disputes and improve the reliability of the vehicles. This, in turn, is expected to have a positive impact on used car shipments.
Kevin Lee (kevinlee@koreabizwire.com)
