An apartment complex in Seoul’s Gangnam district remains submerged in water on Aug. 8, 2022. (Yonhap)
SEOUL, July 13 (Korea Bizwire) — In response to growing consumer concerns about the possible sale of flood-damaged secondhand cars during this summer’s rainy season, South Korea’s used car platforms have launched compensation programs to alleviate consumer anxiety.
K Car announced on Wednesday that it will launch of a compensation program designed to address consumer worries regarding the purchase of flood-damaged secondhand cars.
Under the new program, K Car will offer a complete refund of the purchase price and taxes, along with additional compensation of 5 million won (US$3,900) to consumers who have discovered that they purchased flood-damaged cars within 90 days of purchase.
To ascertain if cars have been damaged in a flood, K Car has implemented a policy of testing their performance, diagnosing their condition, and measuring coating thickness annually during the rainy season.
AutoPlus Co.’s used car trading platform, ReBorn Car, is also taking extensive measures to prevent the influx of flood-damaged cars. To this end, the company utilizes 260 different types of highly precise inspection methods.
In order to identify flood-damaged cars, Reborn utilizes an automobile endoscope camera to inspect hard-to-reach areas and publicly discloses the inspection results on its website.
Furthermore, if consumers are found to have purchased flood-damaged cars, ReBorn Car offers a complete refund of the purchase price, 300 percent of the acquisition and registration tax, and additional compensation of 8 million won.
J. S. Shin (js_shin@koreabizwire.com)
