WeBuyCars points to massive growth for vehicle loans

Vehicle marketplace, WeBuyCars says it has surpassed the milestone of 12,000 vehicle sales per month, as its rapid expansion plans continue to pay dividends.

The group said its monthly sales figures have increased steadily over the past few months, exceeding targets and reaching the 12,000 indicator “faster than anticipated”. It hit the 10,000 vehicle mark in May 2022.

This growth exceeds market trends, it said, especially compared to the figures for national used vehicle registrations, which increased by 1.62% from July 2021 to June 2022 compared to the previous period.

“The number of transactions in the market increased from 1,633,003 to 1,659,395 from July 2021 to June 2022 versus the previous period, amounting to a 1.62% increase. Yet over the same time, our sales have increased by 39.12% due to our increased footprint, internal operational efficiencies, and technological advances,” the group said.

On top of the monthly sales figures, the number of cars being financed has increased by over 40% since the beginning of 2022, it said.

“WeBuyCars attributes this to the convenience of obtaining car finance at WeBuyCars at time of purchase and an increase in financial literacy, with consumers looking specifically for vehicle finance and relying less on personal or unsecured loans,” it said.

The sales group has embarked on a major expansion strategy over the last two years, which included the purchase of the Ticketpro Dome from the Sasol Pension Fund in July 2021.

The Dome is now a ‘super-showroom’ for the group, accommodating 1,125 vehicles. It added two additional branches in Polokwane and Nelspruit – taking the total to 13 dealers across the country – with more planned.

Adding to the company’s growth, WeBuyCars said it will move to a new dedicated building in Byls Bridge Office Park, Doringkloof, Centurion, having outgrown its premises at its Midstream warehouse.

The 3,038 square metre building will group together all group functions, including legal, finance, sales, operations, facilities, marketing, human resources, IT and buyers, with sufficient space for 217 employees, it said.

“With all functions housed in one space, it allows for greater cross-functional synergy and collaboration,” it said.

Read: WeBuyCars reveals its top 5 most-sold used cars – and its average selling price