Daewoo Motor Sales(Korean: 대우자동차판매) was an auto sales company headquartered in Seoul, South Korea. It was established in 1993. Daewoo Motor Sales operated dealerships in South Korea which sell vehicles manufactured by Daewoo Motors and its successors and partners.[1] It was the largest motor sales company in Korea.
History
One of its predecessor of Daewoo Motor Sales was Handok, which was a clock company [2]
In 1993, Daewoo Motors separated its auto sales business as a new company [3]
they considered merge in 1993[4] but original plan was cancelled two company was eventually merged former Daewoo Motor Sales was de jure merged into Handok and renamed to Daewoo Motor Sales.[5] In 1997, Handok Comprehensive Construction, which was initially child company of Handok, was merged into Daewoo Motor Sales.[6]
Daewoo Motor Sales was a partner in MMSK Corporation, a joint venture involved in the import and distribution of vehicles from Mitsubishi Motors. 85% of the venture was owned by Daewoo Motor Sales, with the remaining 15% owned by Mitsubishi Corp and Mitsubishi Corp (Korea) Ltd. Retail sales in South Korea of Mitsubishi cars imported from Japan and the U.S. commenced in the second half of 2008. MMSK Corporation stopped importing U.S.-sourced Eclipse coupes a few years later.
Daewoo Motor Sales also operates Seoul Auto Auction, South Korea's largest auto auction. It also operates a network of pre-owned car dealerships.
In 1996, Daewoo Development established the brand name "Iaan". The actress Kim Hee-sun is featured in Korean Iaan commercials.
In 2008, Daewoo Motor Sales was chosen to fund the joint venture company for Paramount Movie Park Korea which was scheduled to open in 2011, while Paramount will act as its licensor and manage creative development.
Regardless of dissolution of Daewoo Motors, Daewoo Motor Sales originally maintained dealing partnership with successors of Daewoo Motors, SsangYong Motor Company and other foreign car companies but most of partnerships were eventually terminated.
In 2010, Daewoo Motor Sales was dropped by General Motors. The long-time dealership partner then signed a deal with the SsangYong Motor Company to supply new vehicles to sell (specifically the Rodius, Chairman W and Chairman H), in return for the injection of 20 billion won ($17.6 million) into the car maker still recovering from bankruptcy. The deal is non-exclusive, meaning SsangYong will also sell vehicles through private dealers.[7]
That same year, and following a last-minute consultation, creditors including Korea Development Bank decided to help Daewoo Motor Sales settle 17.66 billion won ($15.98 million) worth of notes held by Daewoo Bus Corp. and Daewoo Commercial Vehicle Co., as reported by the creditor banks.[8]
Daewoo Motor Sales has been under the debt rescheduling program since April 14 due to deteriorating financial problems.[7]
Daewoo Motor Sales maintained dealing partnership with Zyle Daewoo Commercial Vehicle (formerly, "Daewoo Bus") which is a buses manufacturer. After debt rescheduling program Daewoo Motor Sales, bus sales division was separated to new Daewoo Motor Sales and construction business was separated to Daewoo Development(대우산업개발). New Daewoo Motor Sales was sold to the parent company of Zyle Daewoo Commercial Vehicle. The parent company of Zyle Daewoo Commercial Vehicle and new Daewoo Motor Sales refused employment succession of former truck sales workers in former Daewoo Motor Sales[9]
New Daewoo Motor Sales renamed to Zyle Motor Sales and maintained bus sales business. After the controversial dissolution of Zyle Daewoo Commercial Vehicle, Zyle Motor Sales renamed its name to Zyle Motors(Korean: 자일자동차) and overseas branch of Zyle Daewoo Commercial Vehicle become overseas branch of Zyle Motors.[10] Zyle Motors purchased all operating assets of Zyle Daewoo Commercial Vehicle. South Korean National Labor Relations Commission ordered that dissolution of Zyle Daewoo Commercial Vehicle is not fully legal therefore Zyle Motors should hire all former workers of Zyle Daewoo Commercial Vehicle.[11] but Zyle Motors refused to accept such decision.
