Socar's mobility membership hits 1 million subscribers in S.Korea

Seoul, South Korea - Socar (403550. KS) announced that its annual paid membership program, "SOCAR Passport," has reached 1 million subscribers since its launch in 2021.

Socar's Passport membership program provides discount coupons and credits for various services, such as car-sharing, accommodation, and parking facilities.

Between 2021 and 2024, subscribers received an average discount benefit of KRW 346,000 (US$237) and credit accumulation of KRW 35,000 (US$24), representing more than ten times the annual membership fee.

The company reported that the highest-benefiting member saved approximately KRW 32 million (US$21,942) through a combination of KRW 31.3 million (US$21,462) in rental discounts and KRW 720,000 (US$494) accumulated credits.

Data shows that Passport members utilize car-sharing services 2.4 times longer and 2.3 times more frequently than non-members, demonstrating strong customer retention.

The most active Passport subscriber in 2024 used the car-sharing service more than 400 times, accumulating approximately 3,000 hours of usage.

One-third of Passport subscribers have achieved either VIP level status (over 5,000km accumulated driving distance) or Level 7 status (over 3,000km) in Socar's membership tier system, "Socar Club."

The company offers additional subscription services, including a One-way Pass for short-distance car sharing and a Socar Elecle Pass for electric bicycle usage.

(US$1 = KRW1,458.38)