Sales of large cars and SUV models favoured by families have accelerated ahead of May's Family Month. KEICA, a direct used car platform company, analysed its car sales data and estimated that the days on sale for large cars and SUV models in April was 31 days, about 181 TP3T shorter than in January. Days on sale refers to the time it takes to sell a car after it is purchased.
Large cars and SUVs are favoured by families for their spacious interiors and high levels of comfort. As the family month approaches, which is characterised by many family activities such as Children's Day and Mother's Day, the sales date is gradually accelerating.
The fourth-generation Kia Sorento, an SUV, has seen a decrease in the number of days on sale from 65 days in January to 26 days in April. The demand for the Sorento was driven by Kia's recent launch of the fourth generation of the new Sorento, which improved the cost-performance ratio of the previous generation Sorento. Its rival, Hyundai's The New Santa Fe, also fell from 49 days to 31 days.
Genesis' best-selling models are also speeding up. The G80 sedan has been moved from 53 January to 33 April, and the GV80 SUV from 47 January to 30 April.
Similar to SUVs, domestic large sedans, which are traditionally favoured by households, are showing a similar trend in terms of days on sale. Hyundai's The New Grandeur and Kia's K8 are showing steady popularity with 22 and 26 days on the market respectively, down 281 TP3T and 271 TP3T from January.
"This year, more and more consumers are looking for SUVs and large sedans that are suitable for families," said Lee Min-koo, senior analyst at KEICA's PM team and adjunct professor at Gyeonggi National University of Science and Technology. "Among these models, the fastest-selling ones have a common feature in that they have recently been launched and have improved cost performance."
KEICA, listed on the KOSPI market in October 2021, is the largest direct used car platform company in Korea with 24 years of experience. It operates as a direct sales system that sells directly purchased cars. It has 47 direct sales networks nationwide, the largest in Korea, and offers e-commerce service Naecha Sagi Home Service. Since its launch in 2016, the company has grown every year, accounting for more than half of its total retail sales. It has a market share of approximately 811 TP3T in the domestic used car e-commerce market, solidifying its position as a leader in e-commerce in the automotive industry.
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