SK Rent-a-Car is going to establish a used car value evaluation system using the Vehicle Control System (FMS). It is to get the right price when selling high-quality used cars owned by the company. As SK Rent-a-Car sells tens of thousands of returned vehicles every year, it is expected to have a positive effect on its performance.
SK Rent-a-Car recently started to build a used car data analysis system. The goal is to create a value evaluation system as well as vehicle history management to extract accurate vehicle diagnostic data based on data. It is the first time for a rental car company to create a system that measures the value of used cars using integrated driving information data, not just model year and mileage.
SK Rent-a-Car Makes Used & Valuation System
Data is collected through the FMS terminal equipped with a rental car. Information such as mileage, rapid acceleration or rapid deceleration, fuel economy, and safe driving score can be accumulated. Previously, this information was used to provide consumable exchange services such as engine oil and air conditioner filters, but it is also used to evaluate vehicle value.
Used cars have different vehicle conditions depending on the driver’s driving habits, even if they have the same mileage as the vehicle type. SK Rent-a-Car is planning to increase the commercialization of vehicles by proving this based on reliable data. Instead of selling the vehicle returned to the customer as it is, the company plans to repair the interior and exterior directly as needed
SK Rent-a-Car is the second-largest rental car company in Korea, and as of the first quarter, the number of rental cars owned by SK Rent-a-Car is 155,073 units. Every year, 20,000 vehicles are sold as used cars. The share of profits from the sale of used cars is 31.5% of sales. This is why it is expected that the profitability improvement effect will be great due to the establishment of a used car data analysis system.
However, there are currently no plans to sell used cars to consumers who are allowed to enter the large companies market. They say they will decide after reviewing sufficient business feasibility.
An official from SK Rent-a-Car said, “We are planning to increase the value of vehicles sold based on data and commercialize them if necessary,” adding, “We are planning to diversify the channels for sale compared to before.”