South Korea-based Lotte Rental has appointed Jinhwan Choi (pictured) as CEO. He will take up the role on 1 Feb, replacing Kim Hyun-soo, who resigned after completing a two-and-a-half year contract.

Jinhwan Choi joins Lotte Rental from SK Broadband. He has also held senior management positions at Hyundai Capital and security services company ADT Caps. Earlier in his career, he worked for Credit Bank and consulting firms Kearney and Bain & Company, EconoVill reports.

Lotte Rental describes itself as offering “integrated mobility services.” These include buying and selling used and used cars (including auctions), long-term rental and leasing.

With 40,000 unit sales a year, Lotte Rental says it is the largest auto auctioneer in Korea.

When Lotte Rental invested $152 million in rival Socar last year, it said it was aiming for a share of at least 10% in the used-car b-to-c market by 2025. At the same time, it unveiled a plan to enter digital auto retail.

Source: Lotte Rental

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