Officials pose after forging a business partnership on M-Park quality extension warranty service on Monday. From left: Kim Chang-kuk, union representative of auto trade business at M-Park; Lee Kil-yong, chief executive of Dongwha Mpark, and Olivier Calandreau, chief executive and representative director of BNP Paribas Cardif in Korea. [Photo provided by M-Park]
Dongwha Mpark Co., operator of South Korea’s largest used car dealership M-Park, said on Monday that it forged partnership with France’s savings and insurance solutions provider BNP Paribas Cardif to launch an extended used car warranty service for its car buyers.
The partnership is the first of its kind between a Korean used car dealer and a global insurer.
The extended used car warranty service applies to domestic and import cars under 7 years old or a range of below 140,000 kilometers.
One-time premium of 60,000 won for a domestic car or 120,000 won for foreign name covers any repair work of up to 2 million won for six months after the purchase regardless of the driving range.
BNP Paribas Cardif, a global insurer that manages more than 313 trillion won in assets, has similar warranty programs in European Union countries.
M-Park runs the most extensive and cheapest warranty choices for second-hand cars in Korea. Its program covers from costly work on engine, mission, and brake system to milder repairs in air conditioning and heating. It also has the country’s largest 2,500 repair networks where customers can conveniently receive A/S service across the country.
By Ahn Byung-joon and Lee Eun-joo
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