WeBuyCars is currently selling 6,925 vehicles per month with an average selling price of R112,000 per car.
This was revealed in Transaction Capital’s results for the half year ended 31 March 2021. Transaction Capital is a 49.9% shareholder in WeBuyCars.
WeBuyCars was founded by brothers Faan and Dirk van der Walt in 2001, with its first vehicle supermarket launched in Pretoria in 2010.
Since opening its first vehicle supermarket, WeBuyCars rapidly expanded its reach and now sports facilities in Cape Town, Durban, Midstream, and Johannesburg.
Today WeBuyCars has a presence in all nine provinces and offers a range of services, including financing, insurance, tracking, and online auctions.
The latest Transaction Capital results revealed that WeBuyCars increased revenue by 36% to R4.7 billion and grew headline earnings by 38% to R257 million over the last six months.
The increase in revenue and higher sales numbers were driven by a strong COVID-19 recovery with favourable structural market conditions, Transaction Capital said.
The company revealed how its vehicle sales numbers changed over the last year:
- 5,510 vehicles per month between January and March 2020
- 5,900 vehicles per month between June and September 2020
- 6,925 vehicles per month between October 2020 and March 2021
WeBuyCars is currently buying 7,250 vehicles per month, up from 5,800 vehicles per month a year ago.
Transaction Capital is planning to increase its stake in WeBuyCars from 49.9% to 74.9%, with the remaining 25.1% to be held by founding shareholders.
The shareholders are looking to continue their investment in growth which will significantly grow their current 4,800 parking bay capacity in WeBuyCars’ 7 vehicle supermarkets.
It will open a new vehicle supermarket in Gauteng on 1 June 2021 with 700 parking bays. This will be followed by three further vehicle supermarkets in Gauteng, Western Cape, and Eastern Cape in the next 18 months.
The charts below provide an overview of WeBuyCars’ financial performance over the last six months.