iTruck

iTruck is a South Korean digital marketplace focused on the used commercial vehicle sector. The company was established in July 2020 by CEO Hyein Jung. Her experience in managing a commercial license plate leasing business within the transportation industry exposed her to inefficiencies and risks within the used truck market, which directly led to the founding of iTruck. The firm's primary business is to connect buyers and sellers of used trucks, buses, RVs, and trailers through its online platform.

The platform serves a client base of both individual truck buyers and a network of registered dealers. iTruck has developed a business model that addresses common issues in used vehicle transactions by enhancing transparency and efficiency. It utilizes advanced data analytics and AI technology to provide fair market pricing and to optimize the matching process between buyers and sellers. This approach aims to reduce the risks and inequalities that buyers have historically faced. The company generates revenue through its trading platform, although specific details of its fee structure are not publicly disclosed. By streamlining complex transactions, the platform offers a more efficient solution for the market.

Since its launch, the company has demonstrated significant market traction. Within three years, iTruck achieved a cumulative transaction volume of KRW 35.2 billion (approximately USD 26 million). As of August 2024, the platform had 9,000 registered dealers and 16,000 trucks listed for sale. In August 2024, iTruck secured a notable KRW 8 billion (around USD 6 million) in a Series A funding round. Key investors included Stonebridge Ventures, Hankook & Company, Woori Venture Partners, Pathfinder H, and the Seoul Business Agency (SBA). This capital infusion is intended to enhance the company's competitiveness through continued technological development and customer-focused services. As part of this strategic investment, iTruck entered into a partnership with Hankook & Company to collaborate in various mobility sectors, such as TBX (Truck Bus Express) and certified commercial vehicles.

Keywords: used truck trading, commercial vehicle marketplace, South Korean logistics, iTruck, Hyein Jung, vehicle data analytics, AI-powered pricing, truck e-commerce, commercial mobility, Hankook & Company, Stonebridge Ventures, Seoul Business Agency, used bus sales, used trailer marketplace, online vehicle auction, logistics technology, fleet sales, commercial vehicle finance, digital freight platform, vehicle inspection