Seoul-based used-car marketplace Autowini recently released its annual report. The report includes data on its market share and auto trading trends. Based on the report, it would appear the Autowini is making it big in a number of Latin American markets.
The report revealed that Autowini is leading the used car import market in the Latin American countries of Guatemala and Chile. Additionally, the company also holds more than 50 percent market share in Armenia, Azerbaijan, Georgia, Guatemala, and Honduras.
Autowini's main business involves the shipping and selling of cars directly from Korea to a number of markets around the globe. These cars are delivered and sold to dealerships, and in some cases, directly to individuals. Autowini says that it is able to facilitate more than 300 daily item updates on its platform last year. This impressive market activity allowed the company to propel to the top and stand as the largest trading platform for Korean branded cars. In order to cater to this uptick in business operation, Autowini chief executive officer Jiyoung Han said that the company will invest in local offices in at least 10 regions in order to establish its market dominance, especially in Latin America and Africa.
Key to Autowini's success is a policy known as "B.I.S" or Buy It Safely. It involves creating a platform that highlights transparency in transactions and a guarantee to share relevant car information upon request. The company also provides regional sales consultancy, tracking of shipment and professional inspection. Customers have also touted the company's generous refund policy which many describe as one of the factors of assuring its clients.
The used car trading market has been plagued for many years with issues like fraud, insecure payment, fake vehicle information, and competitive pricing. This led to a significant drop of not only in sales but also in terms of assurance to customers and the credibility of the platform. Autowini was able to counter this negative impression by building its business through transparency and customer satisfaction.
Chief Executive Officer Jiyoung Han founded Autowini in 2014. Prior to founding the company, he worked as former director of Encar.com which at that time is the biggest used car market platform in South Korea. Autowini caters to notable South Korean car brands like GM Daewoo, Hyundai, and KIA.
More recently, Autowini was able to set a record in terms of sales and expansion of its market and other services. The company aims to set itself as a trusted platform that provides diverse options for cars.
