In Korea, the number of used car auction transactions continues to increase. The characteristic of auction transactions is that the auction organizer thoroughly inspects the basic specifications and quality of the car before starting the auction, so buyers can buy used cars of good quality at reasonable prices.
Used car auctions in Korea are solidifying into the path of new used car purchases by overseas customers, and the auto auction market has been steadily growing in recent years. Korea's total number of auctions in 2024 stood at 377,642, compared to 66.7 percent for 251,937.

You can purchase a used car auction at a lower price than in the general used car market because the auction start price is determined by deducting 30% based on the appraised price.
And after the auction begins, the price is deducted by 20% for each bid, so if you approach it reasonably, you can purchase it at a lower price.

Basically, when a used car auction begins, you receive an auction bid within seven days of the start date. And within two days of the auction deadline, the successful bid will be decided quickly.
Those who wish to participate in the auction must pay 5% of the amount less than KRW 10,000,000 (US$7,300) based on the amount they wish to offer, and 10% of the amount exceeding KRW 10,000,000,000 as a deposit for participation in the auction. If the auction is not successful, the deposit will be fully refunded.
The winning bidder must pay the balance within 7 days of the successful bid. However, if the winning bidder fails to pay the balance, the transaction will be automatically canceled and the deposit will not be returned, so be careful.

If the balance has been paid, then both parties must sign a separate ownership transfer agreement for the winning vehicle.
And if the vehicle is exported abroad from Korea, the agent must visit the relevant agency for the vehicle to cancel the vehicle registration.
There are costs for this transfer of ownership and the vehicle cancellation process.

Foreigners cannot participate in the car auction in Korea directly, so you have to choose a Korean agent to have the agent participate.
Our VAST KOREA MOTORS LTD. provides comprehensive auction services for foreigners who want to buy a good quality car at a lower price. First, we accurately grasp the demand for auctions from foreign customers, frequently recommend goods auction vehicles, provide accurate information on the specifications of the vehicle, and disclose the appraised price and the artist at the auction to provide detailed information on the auction vehicle.
And if a foreign customer designates a target vehicle, we will accurately establish an auction schedule for foreign customers.

And if requested by a foreign customer, we can go on an on-site business trip to check the condition of the vehicle in person, test drive it in person, and provide the comprehensive results in pictures, videos, etc. so that the customer can make a reasonable decision.
On-site travel services are charged a small fee of 200,000 won (US$146,00).