Bybyecar App Platform

Bybyecar Platform

Overview

What is Bybyecar Platform?

As of 2022, the total number of registered vehicles in South Korea has exceeded 24.5 million. The average lifecycle of vehicles, from new registration to scrapping, is approximately 12-15 years. The number of vehicles requiring scrapping increases annually, with an average of 830,000 vehicles being scrapped in the country each year. The market size for scrapping services amounts to approximately 600 billion Korean Won annually.

In addition, there is a growing trend of contactless mobile-based services in South Korea due to the COVID-19 pandemic. Various Online-to-Offline (O2O) platforms have emerged, starting with delivery apps and real estate intermediation apps. Among them, platforms for used car intermediation and scrapping services are entering the market.

ByByCar is a mobile-based scrapping quotation service that operates as a contactless scrapping intermediation service. Vehicle owners can request quotations, and the registered scrapping yards on the platform conduct auctions to offer the highest price, connecting the vehicle owners with the scrapping yards.

Escrow Payment System

Our company aims to conduct various transactions such as introducing scrap cars, used car sales, used parts shopping, overseas buyer introductions, and scrap battery trading through our Super App. To ensure the safety of these transactions, we plan to implement and enforce an escrow system based on trust and reliability.

The escrow system is a mechanism designed to guarantee the security and trustworthiness of transactions. In this system, a neutral intermediary holds the transaction amount in escrow until the smooth execution of the goods or services is verified. This helps to maximize the safety of transactions and prevent conflicts or fraudulent activities between the parties involved.

Through our Super App, we intend to facilitate secure transactions by implementing the escrow system. Participants in the transaction will utilize the Super App to conduct their transactions, and the transaction amount will be held in escrow by a trusted and neutral institution. Once the seamless delivery of goods or services is confirmed, the escrowed funds will be settled, completing the transaction.

The adoption of the escrow system is in line with the principles and values of our company. We strive to provide our customers with a secure and trustworthy trading environment, and by engaging in transactions with us through the Super App, you can experience a safe and reliable trading experience.