Encar.com, a leading mobile-first South Korea-based auto marketplace owned by Australia-based Car Group, accounts for 40% of annual domestic used-car registration with average 1.2 million vehicles registered on the marketplace per year.
According to News.Naver report, mentioned in the Encar press section, approximately 15 million vehicles passed through the marketplace over the past two decades.
The report also cited Encar’s new functions that improve search and selection process for car buyers with big data and AI tech implemented to send recommendations on the user’s mobile main home page based on customer’s search history and preferences. The vehicle history feature comprises 10 key pieces of information, including car release time, owner change, insurance processing, maintenance/repair and car inspection details. Its proprietary mobile diagnosis AI tech automatically gathers information about license plate, mileage and model, sensing through only interior and exterior photos of cars.
In addition to provide trends regarding most-viewed and popular models, the marketplace is augmenting usability of its app through showing saved vehicle listings right on the home screen.
“With overwhelming data, technology capabilities and enhanced transaction services, we will establish ourselves as the number one super app that encompasses all aspects of automobile life,” said an unspecified official. “We will create a solid service ecosystem so that the Encar mobile app can serve as a navigation system when searching for or trading used cars.”
Encar reported 10% year on year (y-o-y) increase in revenue to AUD65 million during the six months to Dec. 31, while its adjusted EBITDA rose by 6% y-o-y to AUD29 million, according to its latest financials.
Car Group attributed the growth to “premium product penetration, yield increases and continued increase in home delivery transactions.”
According to the company, there was significant uplift in guarantee inspection penetration to around 59% of new listings, driven by “the opening of 3 new inspection centres with 62 now operational, extended operating hours in certain inspection centres and 10% price increase with no impact on volume.”
Encar is strengthening its non-face-to-face transaction services, much like its competitor KBChaChaCha, which is scheduled to launch online ‘sell my car’ service this month.
