## Auction

Home Auction

#### / NewBcar Auction Platform & Process /

The company is co-founded by Fahad Alaqil (CEO & Co-Founder, Saudi Arabia) and Jebin Kim (Co-Founder & Managing Director, South Korea), bringing together on-the-ground regional execution with strong sourcing capabilities.

##### 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)

Step 1 | NewBcar Auction Membership Registration

- 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

Step 2 | Buyers Review Auction Listings on the NewBcar Auction Website

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

Step 3 | Buyers Place Bids on the NewBcar Auction Website

- 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

Step 4 | NewBcar Auction Agency Services

- 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

Step 5 | Vehicle Export After Consultation with the Buyer

##### Process 2 (Buyer Execution Process)

Bid Application → Payment of Bid Deposit → Auction Result (Successful Bid / Unsuccessful Bid) → (Refund of Deposit in Case of Unsuccessful Bid) → Payment of Remaining Balance Upon Successful Bid → Confirmation of Vehicle Arrival at NewBcar Auction Yard → Confirmation of Vehicle Registration Transfer / Deregistration

- 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.)

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## NewBcar

##### NewBcar Auction(NBC AUCTION) Asia's No. 1 Used Car Auction Platform

NBC Auction is Asia's largest used car auction platform, operated by NewBcar. It provides buyers with easy access to and search for high-quality vehicles from Korea's proven auction system. This innovative used car auction platform provides one-stop support, from receiving the winning vehicle to forwarding it to the country of your choice.
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