South Korea's used car market is one of the largest in Asia, with around 2.5 million vehicles changing hands every year. The country also exported approximately 880,000 used vehicles last year. As part of the reforms, the government will also introduce mandatory insurance for used car dealers, replacing the current vehicle performance insurance system. Officials say the reforms were developed following discussions at a government policy coordination meeting and are intended to modernize the used car industry. The measures reflect a broader global trend toward greater transparency in the used vehicle market, as governments seek to protect consumers and improve trust in second-hand car sales.