South Korea's Lotte Rental Co. said on Thursday that it established an overseas subsidiary in Dubai, United Arab Emirates (UAE), to boost the export of used cars in the global market.
The subsidiary is named Lotte Auto Global Middle East FZE.
Lotte Auto Global, a specialized brand of Lotte Rental for used car exports, was launched in 2019.
With the establishment of the UAE subsidiary, Lotte Rental aims to enhance its used car export business.
The company plans to increase the global recognition of Lotte Auto Global and expand its used car sales to the Middle East-North Africa (MENA) and Commonwealth of Independent States (CIS) regions.
Lotte Rental expects that direct marking and sales overseas will improve profitability.