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Transaction Capital, owner of SA's biggest vehicle financier, as well as car trader WeBuyCars, said on Tuesday that it's still confident of a recovery in its margins from the used vehicles it sells – but it had just misjudged the slowdown in price increases.
Volume growth remained strong at WeBuyCars, CEO David Hurwitz said during a pre-close update for its half-year to end March on Tuesday. And while the company had expected a slowdown, it expected higher average selling prices.
Hurwitz said the company was still trading through its stock and expected a margin in its second half which, along with improved cost efficiencies, should see 2023's earnings in line with that of 2022.
