NewBcar Auction Platform

• NewBcar Auction is a used car auction platform.
• Vehicles listed at the three most representative auction houses in Korea can be reviewed 1–2 days prior to the auction.
• Foreign buyers can review and select vehicle information provided by the auction houses through the NewBcar Auction platform without visiting the auction site in person.
• Foreign buyers can directly participate in auctions at their desired bid prices through NewBcar Auction.
• NewBcar Auction supports and additionally handles the entire process requested by foreign buyers, including auction bidding, vehicle purchase, storage, and export-related procedures.
• Member buyers of NewBcar Auction can reduce costs such as intermediary margins, advertising expenses, and dealer markups, enabling competitive import and export transactions.

Process 1 (Overall Process)

• Buyers who intend to purchase or export used vehicles located in Korea
• Membership recruitment is planned for corporate entities and partner companies selected in accordance with NewBcar Auction’s internal criteria

• Auction listings are available for review 1–2 days prior to the auction

• Buyers determine and submit bids for desired vehicles on the NewBcar Auction website by 10:00 AM (Korea Standard Time) on the auction day
• Buyers review bid deposits and additional costs, including auction house fees, transportation fees, vehicle registration transfer or deregistration fees, and NewBcar Auction agency service fees

• NewBcar Auction simulates core agency services by default, including purchase agency, storage at NewBcar Auction yards, and vehicle deregistration
• Subsequent processes such as vehicle release from the yard and forwarding for export are discussed and arranged based on the scope requested by the buyer

Process 2 (Buyer Execution Process)

• A portion of the NewBcar Auction agency service fee is incurred up to this stage.
• Subsequent steps are determined based on the buyer’s request:
  Vehicle Release / Transportation (to the buyer’s designated location) → Confirmation of Vehicle Arrival at the requested location → (Customs brokerage delegation, lashing/shoring confirmation, etc.)