Reading the Vehicle Condition Report
K1 Auto provides access to Korean auto auctions with the best vehicle information available. The auction vehicle condition reports are important for establishing vehicle value. K1 Auto is the only option for translated condition reports from Korean auto auctions direct to dealers.This information is provided by the inspectors at the auction at the time of auctioning the vehicle.How to read the K1 used car auto auction condition report.Frame Grade
This is a summary of the vehicle’s “Frame” condition. “A” representing excellent condition while “D” represents repairs may be required.
GRADE
A-B-C-D
| Grade | Definition |
|---|---|
| A |
|
| B |
|
| C |
|
| D |
|
Criteria
| Main Frame |
|
| General Frame |
|
| Exterior |
|
Exterior Grade
This is a summary of the vehicle’s “Exterior” condition. “A” representing excellent condition while “F” represents repairs may be required.
GRADE
A-B-C-D
| Class | Definition |
|---|---|
| A | No need for exterior panel repair |
| B | 1 - 3 exterior panels need repair |
| C | 4 - 6 exterior panels need repair |
| D | 7 - 9 exterior panels need repair |
| F | More than 10 exterior panels need repair |
Evaluation Indicator
XACCIDENT HISTORY
UCURRENT CONDITION
BACCIDENT CLASS
BEXTERIOR CLASS
X: Replacement historyU: Need for sheet metal repair and painting
Accident Class B: Vehicles with replacement of exterior parts (X)Vehicles with history of sheet metal repair on the general frame (W)Exterior Class B: 1-3 exterior panels need repair
| Class | Abbreviation | Meaning | Definition |
|---|---|---|---|
| History | X | Replacement | The vehicle has a replacement history. |
| W | Sheet Metal Repair, Welding | The vehicle has a history of sheet metal reapiringand welding. | |
| Current Condition | A | Replacement | The vehicle has a replacement history. |
| U | Sheet Metal Repair, Welding | The vehicle has a history of sheet metal reapiringand welding. | |
| E | Sheet Metal Repair, Welding | The vehicle has a history of sheet metal reapiringand welding. | |
| M | Sheet Metal Repair, Welding | The vehicle has a history of sheet metal reapiringand welding. | |
| F | Sheet Metal Repair, Welding | The vehicle has a history of sheet metal reapiringand welding. |
- Autohub Auction does not judge replacement history based on the vehicle’s current condition in evaluating its exterior standards. Participants must check for replaced parts by checking out the photos and the actual vehicle exhibited at the Autohub Auction.
- The evaluation criteria of Autohub Auction reflect the normal criteria set in the used car market, and contents may differ, depending on the region and the evaluation institution.
- The vehicle evaluation table of Autohub Auction is a reference to help clients understand the auction and the product, and does not imply a guarantee.
Example Panel Diagram
Frequently Asked Questions
Can foreign dealers purchase cars directly at auction in South Korea?
No, foreign dealers cannot buy cars in South Korea. The country has specific regulations and rules in place that restrict the sale of cars to non-resident foreign entities. Approved memberships within the auction manage dealer access in accordance with auction regulations to fulfill the necessary requirements for international dealers.
What are the primary reasons for this restriction?
The South Korean government implements these restrictions to manage and regulate the automotive market within the country. The rules aim to support local industries, control imports, and ensure compliance with safety and environmental standards.
Can individual foreign buyers purchase cars in South Korea?
While foreign individuals can buy cars for personal use in South Korea, the regulations for commercial entities, including foreign dealerships, are different. Individual buyers typically face fewer restrictions compared to business entities.
Can foreign dealers collaborate with local distributors to sell cars in South Korea?
Yes, collaborations with local distributors or establishing partnerships with South Korean companies are potential avenues for foreign dealers to participate in the market. Working within the framework of these regulations allows for a more seamless entry into the market.
How to get started with K1 Auto?
To complete registration and be able to place a bid on a vehicle. Deposit requirement is a minimum $1,500 USD or 10% of the purchase price whichever is greater. If the deal falls through for any reason the deposit is refundable. Deposit refunds are subject to a processing fee of $50. After deposit refund request, funds will be processed within 10 working days.
