[E-Daily Reporter Kim Hyung-wook ] K Car, South Korea’s largest directly operated used-car platform, which has been incorporated into KG Group, is making a fresh start by changing its corporate name to KG Mobility Platform. KG Group plans to use this opportunity to establish an integrated mobility business structure that connects KG Mobility’s (KGM) automotive manufacturing capabilities with KG Mobility Platform’s used-car distribution and car rental businesses, as well as K-Car Capital’s automotive financing.
On the 1st, KG Group held an inauguration ceremony for Chairman Jae Sun Kwak as Chairman of KG Mobility Platform at Harmony Hall in KG Tower in Seoul. The event was attended by KG Mobility Platform CEO Jeong In-guk, along with company executives and employees, branch managers from the Seoul metropolitan area, and CEOs of major KG Group affiliates.
Last April, KG Group decided to acquire KG Mobility (formerly K Car) from Han & Company through KG DONGBUSTEEL, and on the 31st of last month, KG DONGBUSTEEL secured a 52.5% stake in K Car, thereby finalizing all acquisition procedures.
Prior to this, on the 14th of last month, KG Mobility Platform passed a resolution at an extraordinary general meeting of shareholders to amend its articles of incorporation and change its corporate name from K Car to KG Mobility Platform; the name change officially took effect on the 31st of last month, when the acquisition was finalized. Although the corporate name has changed, the “K Car” brand—which is familiar to consumers—will remain unchanged.
KG Mobility is South Korea’s largest direct-operated used car operator, originating from the direct-operated division of SK Encar. It operates a network of 48 directly managed locations nationwide.
KG Group plans to use the acquisition of K Car as an opportunity to strengthen synergies among its mobility businesses. The group envisions creating a business structure that covers the entire customer lifecycle—from vehicle purchase to use, maintenance, and resale—by integrating KGM’s new car manufacturing, KG Mobility Platform’s used car purchasing, sales, and car rental business, and K Car Capital’s auto financing.
Along with KG DONGBUSTEEL’s acquisition of KG Mobility, KG Group also acquired a 100% stake in K Car Capital—K Car’s exclusive financial partner—through KG Capital Holdings, a subsidiary of KGINICIS CO.,LTD.
KG Mobility Platform will retain its current leadership under CEO Jeong In-guk. K Car Capital will appoint Cho Jae-hyung, the current CEO of KG Capital, as its new CEO.
KG Mobility Platform plans to explore collaborative models with KGM while also expanding its overseas operations. The company has decided to gradually establish a platform business model that goes beyond simply exporting used cars to include both the purchase and sale of vehicles locally in overseas markets.
In his inaugural address, Chairman Kwak stated, “We must build KG Mobility Platform into a sustainable company capable of surviving and growing on its own,” adding, “Furthermore, I ask all executives and employees to work together as one so that we can become a company that enriches the world through the services and value we provide.”
