Many second-hand vehicles in South Africa are now worth more than a year ago. That is according to WeBuyCars founder and executive director Faan van der Walt, who was recently interviewed on Talk 702’s The Money Show with Bruce Whitfield. The Covid-19 pandemic has fuelled trade and supply constraints, choking the availability of semiconductors across the world.
These components are necessary to control various computerised parts of modern vehicles. Van der Walt explained the shortage has heavily impacted South Africa’s new car sales.
“Last year, we sold 464,000 new vehicles, which is significantly less than the pre-Covid levels of way more than half a million vehicles per annum,” he stated. By comparison, South Africa’s used vehicle sales for 2021 told a “good story”.
“There were over 1.5 million used vehicle registrations in 2021, which is up there with pre-Covid levels,” Van der Walt stated. As one of the country’s biggest used car dealerships, WeBuyCars has benefitted from the demand for second-hand vehicles. It recently reported monthly sales of around 9,000 vehicles.
The company has seen tremendous growth over the last few years, culminating in opening the biggest used car dealership on the continent — the WeBuyCars Dome in Northgate, Johannesburg.
The company is planning to expand across South Africa’s borders this year. We are looking to North Africa and opening a branch in Morocco and maybe even Egypt soon,” he said.
In Morocco, it plans to open its own branches, while in Egypt, it is considering a partnership with an established company.
Van der Walt said WeBuyCars would first run a proof-of-concept period of about three months in Morocco to test and set up a website and generate leads using its IP and systems developed over many years.
“Once it’s proven, we can ramp it up quickly,” he said. Van der Walt added the first WeBuyCars dealership in Morocco should be up and running before the end of 2022, if not earlier in the year.
Source: mybroadband
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Victor Kwesi Mensah, popularly known by his stage name Vic Mensa, was reportedly arrested at Dulles International Airport on Saturday 15 January. Learn more
