All data are based on the daily closing price as of November 22, 2024

SK Networks Spins Off Automotive Maintenance Unit as SK Speedmate to Drive Independent Growth

The newly launched SK Speedmate aims to enhance customer-focused services and explore new business opportunities in the automotive sector
South Korea
s 001740.KO Mid and Small Cap 2000
Share this on

SK Networks Co. has officially completed the spin-off of its automotive maintenance division, which began operating as an independent entity named SK Speedmate on September 1. This strategic move is designed to streamline operations and foster more agile decision-making within the after-sales service (AS) sector, positioning SK Speedmate for accelerated growth.

SK Speedmate inherits a robust network of over 590 service centers, offering a comprehensive range of services including vehicle maintenance, emergency roadside assistance, and tire and parts distribution. By leveraging more than 20 years of accumulated data, the company plans to expand its partnership services, enhance its online-to-offline (O2O) capabilities, and develop hybrid stores that cater to diverse customer needs.

A key element of SK Speedmate’s growth strategy is the expansion of its integrated imported car platform, Huckleberry Pro. This platform will allow the company to increase its footprint in the distribution of parts for imported vehicles and in the repair of accident-damaged cars. Additionally, the company is actively exploring new business avenues, exemplified by the recent launch of its ‘Moonlight Maintenance’ service on August 26, which provides nighttime vehicle maintenance.

Meanwhile, SK Networks is preparing to spin off its trading division, with plans to reorient it as an intermediate holding company focused on artificial intelligence (AI) business operations. This restructuring aligns with the company’s broader strategy to concentrate on high-growth sectors and drive innovation within its core businesses.

With its newfound independence, SK Speedmate is poised to become a leader in the automotive maintenance industry, offering cutting-edge services and solutions that meet the evolving needs of its customers.

 

 

 

Share this on
Jakota Newsletter

Stay ahead in the JAKOTA stock markets with our roundup of vital insights

Icon scroll to top