By Jessica BlasucciAssociated Press – SAN ANTONIO (AP) Hyundai Motor Co. said Tuesday it will sell about $200 billion in pre-sales of its parts store and car parts chain, making it the largest such retailer in the U.S. and one of the largest in the world.
The move comes after years of growth in the North American market that helped Hyundai become the world’s No. 1 auto-parts retailer.
It was announced on a conference call that Hyundai will sell its pre-sellers, which sell pre-owned cars and parts, in two stages starting in 2021.
Hyundai said pre-solders will be sold on the company’s platform, but also through its U.K.-based subsidiary, the Uplift.
The company said the UPLIFT would help increase its global footprint by increasing its reach and helping the company expand internationally.
“Hyundai continues to grow its global network of dealerships and to improve its serviceability,” the company said.
“The UplIFT is a key part of this effort.”
Hyundai also said it will offer its own service centers and will open its own vehicle-repair business in 2021, a move that could make it one of Europe’s largest car-parts retailers.
The U.N. Food and Agriculture Organization (FAO) has said that the introduction of car-repair services is essential for boosting the economy in developed countries, and that the country should make sure car-care and maintenance facilities are well-equipped to handle the increased demand for vehicle repairs.
Hyderas shares closed up 2 cents at 7,096.59, after the stock rose about 7% in early trading.