WeBuyCars wants to double its market share through more financing, and more pods

WeBuyCars plans to almost double its share of the second-hand vehicle market in SA over the next five years. It expects an acceleration in financed sales to fuel this ambition.

The second-hand vehicle dealer, which is in the process of being unbundled by JSE-listed Transaction Capital, said in an investor presentation on Friday that it wants to grow its market share to about 23% by its 2028 financial year. WeBuyCars currently has between 10% and 12% of South Africa's used-car market.

The company, which was founded in 2001 by CEO Faan van der Walt and his brother Dirk, sold about 141 000 used vehicles in its 2023 financial year, with just over 58% of those being cash sales.