WeBuyCars’ incredible performance — 88,000 cars sold and R10 billion in revenue
WeBuyCars had an exceptional year. The company increased revenue from R6.3 billion to R10.4 billion and sold over 88,000 cars over the last year.
The latest WeBuyCars trading information was released as part of Transaction Capital’s 2021 financial year results presentation.
Transaction Capital said WeBuyCars has a leading position in a defensive market segment and has continued to trade throughout the Covid-19 pandemic.
Despite a challenging economic environment, WeBuyCars reached record monthly volumes.
The number of cars purchased increased from 60,764 in 2020 to 91,528 in 2021, while the number of cars sold increased from 59,177 to 88,271.
To accommodate this growth, WeBuyCars increased its number of vehicle bays to about 5,800 in 2021.
The number is expected to approach 7,000 bays with the opening of the newly acquired Dome in December 2021. The Dome will be the largest vehicle supermarket in Africa.
This strong growth was partly a result of a standout ecommerce performance.
“The strategy to sell vehicles online via WeBuyCars’ ecommerce platform continues to deliver positive results, with ecommerce sales increasing significantly to approximately 30%,” it said.
The increased vehicle sales helped WeBuyCars to increase core headline earnings by 79% to R541 million.
The outlook for the company also remains strong.
WeBuyCars’ target to increase the volume of vehicles traded to 10,000 per month is on track to be released sooner than initially anticipated. Its target for the medium-term is now 15,000 vehicle sales per month.
“WeBuyCars’ strategy to grow its e-commerce offering, expand geographically and enhance unit economics by higher penetration of finance, insurance and allied products continues to yield results,” said Transaction Capital CEO David Hurwitz.
The charts below provide an overview of WeBuyCar’s performance over the last year.
WeBuyCars revenue
WeBuyCars vehicles bought and sold
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