Online car sales service Hey Dealer moved into digital auto retail in South Korea with the launch of a new app, called Thru.
Founded in 2014 and operated by PRND, Hey Dealer launched the app to sell certified, used cars. Presenting technical diagnosis of listings with data and videos, the platform offers a limited choice of six car brands, including Mercedes-Benz and BMW, and 100 used cars, to be delivered to buyers, or picked up at any one of its delivery centers.
The inventory is not sourced directly from consumers, but from a network of dealers who also buy used cars at auctions. Customers can enquire about prices at no cost, put their cars on auction, or use the app’s concierge service to sell their cars for them.
Hey Dealer decided to offer services to both buyers and sellers and notched up ₩5 trillion ($3.9 billion U.S.) in accumulated transaction value in three years, according to the company’s own estimate.
To date, Hey Dealer has raised ₩10 billion ($7.7 million U.S.) in various funding rounds, according to the investment tracking site TheVC. Its latest venture is expected to face tough competition from KCar and EnCar which hold dominant positions in used-car e-commerce as well as up-and-coming Lotte Rental.
Jinwoo Park, CEO of PRND, said: “With Thru we hope to raise the diagnostic standards for used cars and solve the problems customers face when purchasing used cars.”