Hyundai's logistics wing launches cloud-based online car auction system

Park Sae-jin Reporter() | Posted : March 24, 2020, 14:52 | Updated : March 24, 2020, 14:52

[Courtesy of Hyundai Glovis]

SEOUL -- Hyundai Glovis, the logistics wing of South Korea's Hyundai auto group, has launched a cloud-based digital auction system for used car dealers. The system provides information in the form of 3D augmented reality and 360 degrees images so that clients can closely examine vehicles on sale.

The "untact" system provides an online and smartphone real-time bidding service. Untact, also known as non-face-to-face, allows customers to buy, sell or user services using PCs and smartphones without the need of meeting people in person.

Hyundai Glovis said Tuesday that some 1,900 used car dealers can access information via online and smartphone systems and remotely place bids in real-time. The company jumped into the used car auction market in 2001 and has sold more than 1.1 million used cars as of February this year.

The new auction system will be a win-win opportunity for sellers and buyers, the logistics company said, adding it would reduce the time to carry out an auction by about 60 percent.

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