[Alpha Biz=(Chicago) Reporter Paul Lee] Lotte Rental, the No. 1 car rental company in Korea, has virtually closed its plan to enter the used car retail business.

"The sale of used car B2C (Business-to-Consumer Transaction) was a new business that had been prepared until last year, but we have decided to postpone our entry for the time being," said Lotte Rental President Choi Jin-hwan at the 2023 CEO IR Day on the 29th.

Lotte Rental has officially declared its entry into the used car market and has been preparing for the project since the government allowed large companies to enter the used car sales business last year. However, as automakers began to sell certified used cars more actively, starting with Hyundai Motor, Lotte Rental started to revise its strategy. There was also a strong backlash from existing operators.

 

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