?y Shim Jae-yun
Korea Times Correspondent

LAS VEGAS Chung Mong-koo, chairman of Hyundai Motor and Kia Motors, Feb. 4 received the "Distinguished Service Citation" from the U.S. Automotive Hall of Fame.

Chung was awarded with the prize, called the "Nobel Prize" of the automotive sector, during the general assembly of the U.S. National Automobile Dealers Association at the Mirage Hotel in Las Vegas Feb. 4, in recognition of his contribution to the automobile industry.

The citation is famous for its strict selection process, in which the Hall of Fame award committee reviews nominated candidates after receiving recommendations from distinguished members of the automobile industry.

Chung? winning of the prize signifies the international automobile industry? official recognition that the Korean automobile industry has rapidly developed to stand shoulder-to-shoulder with the industry? leaders less than fifty years since its establishment.

During the selection of the awardees, the committee conducts strict and comprehensive assessments on candidates in nine categories.

Chung was cited in the management area.

Concerning the reasons for bestowing the award, the Automotive Hall cited, among others, the recent outstanding business performance of Hyundai and Kia Motors.

Last year alone, shipments of Hyundai and Kia cars into the U.S. market amounted to 453,000 units, up more than 50 percent from a year earlier. Additionally, the share of cars with high added value like the Santa Fe and Grandeur XG models has continued to increase, helping the firm increase profits.

Further, boosted by the managerial normalization of Kia Motors, the company materialized stable employment plus phenomenal business profits.

Chung was also cited for his role in raising the managerial transparency of the company, by, for instance, filling more than half the board seats with outside directors.

"The setup of business ties with Daimler Chrysler has also helped the company? portfolio value," said the officials.

"This also means that Chung is now recognized as a world-class automotive expert, 27 years after he first entered the automobile sector as the president of Hyundai Service in 1974," they said.

Upon receiving the award, Chung announced, "I consider this award to be presented in honor of all those who have worked so hard for the development of the Korean auto industry. I will continue to strive for greater customer satisfaction with even more quality and productivity gains."

The Automotive Hall of Fame? Automotive Industry Leader of the Year for 2000 ceremony for Lear corporation chairman Kenneth L. Way was held on the same day.

Both the Distinguished Service Citation and Automotive Industry Leader of the Year award ceremony are held once a year.

Service Citation Selection Process

For the Distinguished Service Citation, the automobile industry is divided into nine related fields (automobile manufacturing, A/S and Service Industry, inventor/technician/designer, passenger vehicle/truck dealer and distributor). The award committee reviews each candidate after it receives recommendations for individuals who have contributed to development in these fields.

The judges look for 1) an individual who has greatly contributed to the development of the automobile industry 2) an individual who has successfully secured a position of responsibility, awards and prestige 3) an individual who has developed an innovative product, idea or concept.

Awarded since 1940, awards were given to individuals in each field of the automobile industry till 1985. Since 1986, awards given for individual fields were united under the Distinguished Service citation.

Individuals who have received the Distinguished Service Citation come from all fields of the automobile industry, such as the chairmen and presidents of America? Big Three, America? distributor and dealer presidents, R&D technical contributors, automobile parts and related fields presidents.

The main honorees are Ford Motors chairman Henry Ford (1969), former Ford president Lee Iacocca (1972), president of GM (1974), the president of JD Powers (1992), GM president Ross Roberts (1974) and Honda president Hiroyuki Yoshino (1998).