Cape Town – Before the world had heard of Covid-19 all was good in the new car industry while in the used market things were idling along quite nicely as well. Once March 2020 came along a spanner was thrown in the works and nothing has been the same since.
The world shut down along with factories, manufacturing plants and all associated businesses that virtually put a halt on new cars coming off the line. Since then, the well-documented chip shortage has come into play, while increased shipping costs and the shortage of containers, to name a few, have also added to the tough times.
And although people’s appetite for new cars was restricted, the situation provided a perfect storm for the pre-owned car market.
With time on our hands locked in our own spaces, hours were spent behind keyboards looking for a potential good deal that would see people head to the forecourts or place an order online for their next chariot the moment things eased up.
One such organisation that people turned to was GetWorth, who provided a one-stop shop for selling and buying cars.
In fact, since it was launched in 2017, the company has recorded a 60 percent compound growth year-on-year, proving that they were doing something right.
Their recipe is a unique system of algorithms, data and artificial intelligence that bright minds behind the scenes use to provide a real fair-value-based price.
“We use a variety of factors including economic indicators, repo rate and inflation to help us accurately predict values on a retail and trade level. Vehicle price offers made by GetWorth are based on live market data, not generic or assumed values, meaning that consumers are receiving fair value based on what the market has to offer,” said Jamie Surkont, co-founder and CEO of GetWorth.
“We focus on quality vehicles and that is integral to both the buying and selling process.”
Enter Motus Holdings Ltd (Motus) one of the country’s leading automotive groups, which has purchased a 60 percent stake in GetWorth in a move to increase their pre-owned vehicle business and become a player in the “sell your car” retail environment.
It will also fast-track their positioning in the online and warehouse retailing segment.
Motus is South Africa’s largest dealer group, with more than 345 dealerships across South Africa that include Kia, Hyundai, Renault and Mitsubishi.
“The South African pre-owned vehicle market has experienced a huge shift to the sell-your-car market as consumers become more comfortable with the digital shopping experience. As such Motus have been looking for the right solution with which to service this market. GetWorth were an attractive brand in that space and well differentiated and we believe that it can be easily scaled within the Motus group. In addition, they demonstrated a great, proven online buying ability and an innovative culture,” said Corné Venter, CEO of Motus Retail and Rental SA.
The acquisition of GetWorth will allow Motus to close the technology gap in quickly and accurately pricing cars. A variety of these innovative solutions will be deployed throughout the group to increase efficiency and reduce risk,” added Venter.
One of GetWorth’s patented products is GetMore.
The product pays the motorist an upfront cash amount when they sell their car. GetWorth will then market the car at a well-researched and agreed price. When the vehicle sells, the motorist will be paid a bonus amount, which is the difference between the actual selling price, the upfront cash amount paid initially and the fees and necessary reconditioning costs.
A cash-out feature gives the motorist the chance to play the market for the first month risk-free.
Not all vehicles qualify for GetMore and in current market conditions this offering is limited to vehicles with a retail value of more than R200 000.
Most people have an impression that a used car dealership tends to look a bit dodgy with faded signage and overfull display areas and sales people out to make a quick buck at your expense.
This certainly is not the case with the GetWorth warehouse in Cape Town. They say it’s designed around an aspirational concept that includes funky colours, murals, glass and aluminium. It certainly looks more Google than a space where cars are bought and sold.
It includes delivery areas, inspection bays, minor repair bays, valet areas and refreshments managed by a concierge. There is currently one signature space located in Cape Town, with a second facility in process in Gauteng.
Motus and GetWorth aim to expand throughout the country in the next five years while enhancing national buying and sales delivery networks using the group’s infrastructure.
GetWorth provides a 7-day/700km money back guarantee and if something goes wrong with the car within 30 days, or 3000km, any issues will be resolved.