SEOUL, KOREA - It will become possible for general consumers to check and find the consumer prices of automotive parts by surfing the net.
The Ministry of Land, Infrastructure, and Transportation announced on August 4 that it revised the regulation on automotive parts self-certification system toward mandating autoparts makers to reveal the consumer prices of their products on the Internet. This revision took effect from August 2.
The consumer prices of all kinds of autoparts selling in Korea, accordingly, will be disclosed, including those used for import cars.The producers of automobile parts and components will have to disclose the consumer prices of their products on the basis of minimum sales volume on the website they run.
The price information should be updated on a quarterly basis, reflecting foreign exchange rate movements.Those who do not disclose the consumer prices of their automobile parts are subject to sanctions under the Automobile Management Act.
