Killing Three Birds with One Stone
The auto industry was hailed as a golden goose that laid golden eggs with every move, but it was powerless against the ever-growing pile of bad inventory.
Kang Min-ho had a clear solution to a problem no one else could solve. Without a moment's hesitation, he shoved the documents toward President Sang Du-hong of Gi-yeong Auto.
Caught off guard by the unexpected proposal, President Sang couldn't hide his bewilderment. He pulled out a handkerchief, wiped the cold sweat from his forehead, and cautiously broached the subject.
"Um... is what the young master just said really true?"
Moon Sang-oh, the butler, stared impassively before speaking in his deep, polite voice. "The young master is here today not as the chairman's grandson, but officially as president of JK Card. We'll address him as President from now on."
"Yes, understood. Vice President."
Moon Sang-oh's mere presence was intimidating enough. To top it off, Chairman Kang's grandson, Min-ho, sat there like a monolith. An immense pressure unlike anything President Sang had ever felt bore down on his shoulders.
He gulped down some water and let out a heavy breath. If they could sell off not just the inventory but all future production as proposed, his position as president would be rock-solid.
His heart pounding, he pored over the documents for a long while before finally speaking up. "If I may say something regrettable, this is a problem no one's solved before. How exactly do you plan to make it happen, President?"
"Could you be more specific with your question? What part worries you?"
"As you know... our factory's inventory alone is worth hundreds of billions."
To avoid offending Min-ho, he flashed a somewhat servile smile and pressed on. "Factor in future production, and the amount only grows. So, what I'm asking is... what's your funding plan?"
"To sum it up, you're wondering how a crumbling JK Card can handle that kind of sum?"
"Yes... honestly, that's it."
Sang Du-hong's concern was valid. Accounting for inventory and future new cars, the amount a card company would have to cover could easily top trillions. It would take every bit of JK Card's capital and all of Athena's funds just to manage it. If new car sales exceeded expectations, it would spiral beyond Min-ho's control.
It looked complicated, but the solution was surprisingly simple: Chairman Kang's funds. That was the key to this plan.
Even with trillions on the line, Min-ho answered without a flicker. "The chairman has given his approval. How detailed would you like the explanation?"
Contrary to Min-ho's words, there had been no such directive from Chairman Kang. Moon Sang-oh jolted to his feet in shock at the unforeseen response.
No matter how favored the grandson, deciding on trillions unilaterally was blatant overreach. It could provoke the chairman's wrath.
He leaned in and whispered urgently in Min-ho's ear. "Young master, forgive me, but this isn't something to decide lightly. The amount is too massive. We should report to the chairman first and proceed from there."
As if he'd anticipated this, Min-ho smiled faintly, patted Moon Sang-oh's shoulder, and continued. "What's the current installment rate for Gi-yeong Auto?"
"It varies by term, but on average, around 20%."
For a 6-million-won compact car, that meant 1.2 million won in interest alone—equivalent to two months' salary for an average worker. A truly murderous rate. Even with all the media hype about the "my car era," it was a pipe dream without a hefty down payment.
"No plans to lower it?"
"As you know, car sales have boomed these past few years."
"You're using short-term loans, right?"
"Yes. We bring in funds ourselves, so even dropping it, 17% is the best we can do."
"No offers from banks or other card companies?"
"They're in the same boat, so no matter what they try, it doesn't make much difference."
Gi-yeong Auto was truly caught between a rock and a hard place. Lowering rates meant eating losses themselves, but leaving it meant inventory piling up endlessly.
"The contract spells it out in detail, but I'll summarize the key points."
"Yes, President."
"From this moment, JK Card will handle all financial services for Gi-yeong Auto."
"Really? We'd be grateful, but... what rate are you envisioning?"
"We'll go with 10%—half the current rate."
For Gi-yeong, selling cars without putting up their own money was ideal. While Sang Du-hong's face lit up with a smile, Moon Sang-oh's darkened sharply.
"If JK Card offers terms like that, we couldn't ask for more."
"Of course, there are a few conditions."
Min-ho flipped through the documents as he explained. "Grant us exclusivity. No deals with other banks or card companies."
"That's a great deal for us, but... what's the term?"
"Exactly five years—no more, no less."
Gi-yeong was riding high now, but in five years, it would crumble under the IMF and hit the market. Anything longer was pointless.
"Exclusivity... it's an offer we'd welcome with open arms."
"Like it?"
"Halving the rate should boost sales, just as you said."
Considering market rates, 10% was staggeringly low. But for moving trillions, the profit margin was abysmal—practically a loss leader, matching one-year fixed deposit rates.
If signed like this, Min-ho would surely incur the chairman's anger. As Moon Sang-oh sighed and shook his head, Min-ho played his trump card.
"The rate is 10%. In exchange, customers must subscribe to JK Telecom and spend at least 150,000 won monthly at A-Mart."
It was a system commonplace in the 21st century but unheard of back then. Seemingly a trick, but leveraged right, it was a rational win for customers too.
"What if they don't meet the conditions?"
"Then 20% applies for the next month."
Assume a customer buys a 10-million-won sedan with a JK Card. The max interest savings: 2 million won. With this deal, JK Card gets 10%, A-Mart gains up to 540,000 won per customer in sales, and JK Telecom snags a new subscriber.
Gi-yeong clears inventory, customers halve their rate burden. Three birds with one stone.
This was Min-ho's masterstroke shining through. Even the opposing Moon Sang-oh and President Sang had to marvel.
Min-ho explained methodically. "Customers shop at marts anyway. Owning a car makes big trips a no-brainer."
"They have to buy groceries somewhere, and half the rate makes it a solid choice for them."
"Most pick 36-month terms. Can they hit exactly that spend every month?"
It was a perfect win-win, but one doubt lingered in President Sang's mind: A-Mart's ties to JK Group and Athena.
"One thing I'm curious about. A-Mart's the talk of the town, but it's not a JK affiliate, right? Why bundle it in?"
Min-ho replied coolly. "We have a business agreement. The chairman holds a hefty stake too."
"Really? I've always admired him, but I never imagined a plan this grand."
"Keep this under wraps for now."
"My mouth's the heaviest part of me. No worries there."
Min-ho set a fountain pen on the documents with a smile. "Just sign here."
President Sang reviewed them once more, nodded, and signed with gusto. "Please convey my deepest thanks to Chairman Kang Jin-gwang for this outstanding proposal."
"Of course. You have ads running now, right?"
"Yes. Blast them starting tomorrow. We'll run full-page spots too."
"Thank you. On a day like this, how about a drink?"
Min-ho smiled and shook his head. "This is your golden chance to crush rival Dae-hyeon Auto. Drinks anytime, but opportunities like this? Rare."
"Got it. Drinks later, then—business first."
President Sang rose first with a polite bow. Moon Sang-oh exhaled in relief and sipped his water. Min-ho's face, meanwhile, radiated calm confidence.
"Not like you to be so tense, butler."
"When you said that, I thought my heart stopped."
"No one else could offer this. I knew it'd work."
"Selling cars alone? Can't beat that."
Moon Sang-oh pondered briefly before speaking. "A few questions on the details?"
"Fire away."
"Dae-hyeon has higher market share. Why Gi-yeong?"
"Like I said: small fish for me, big ones for Grandpa."
"You mean Dae-hyeon too?"
"The rest depends on President Jeong Sang-yeol of Dae-hyeon."
Min-ho's cryptic words left him tilting his head. "Sorry, I don't quite follow."
"News of JK Group's Gi-yeong deal hits tomorrow morning at latest. If rivals slash rates, what does Dae-hyeon do?"
"Negotiate with other financiers, I'd guess."
"Wrong. Only Grandpa can handle this scale. One choice left."
"You don't mean..."
Min-ho nodded. "President Jeong Sang-yeol heads to Grandpa—same terms, at minimum."
"JK Card gets exclusivity on two majors."
"JK Telecom, affiliates, A-Mart—all tied in. Grandpa can't refuse."
One stone toppled countless birds. Moon Sang-oh could only admire Min-ho's foresight.
The lavish spread went ignored as he stood. "Young master, you must be hungry. Eat first?"
"Grandpa eats alone, it'll be lonely. Easier with Choi the lawyer anyway."
"Understood. This way out."
Gu Eun-chae stared openly as Min-ho emerged. 'Comes out grinning like he owns the place after whatever sales pitch baked that guy. Knew it was JK, but definitely no ordinary guy...'
Masking her thoughts, she approached with feigned innocence and a smile. "Oh, young master! Skipping dinner already?"
"Got work. Heading out."
"Um... food not to your taste?"
"No way. Next time, I'll clean the plate."
"Got it. Safe travels—see you soon."
Min-ho and Moon Sang-oh drove off.
'So much hidden, so much scheming... that young master.' Gu Eun-chae watched his taillights fade.