- Motus has acquired 60% of GetWorth, a technology partner and pre-owned vehicle buying and selling business.
- They say you can use the GetWorth platform to sell your car for a realistic price, with partial cash upfront.
- Motus currently operates 345 dealerships around South Africa, covering most popular brands.
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In these challenging economic times, more and more South Africans are turning to tech-driven car-buying/selling services to get rid of their vehicles to access extra cash.
Look at the rise of businesses like We Buy Cars, which now runs one of the world's largest retail outlets right here in Johannesburg. The Motus Group, SA's most prominent new car auto retailer, has recognised the viability of this pre-owned segment of the market and has acquired 60% of GetWorth (another big name in the pre-owned business).
Motus is South Africa's largest dealer group, with more than 345 dealerships located across the country. GetWorth is a technology and online pre-owned vehicle business that utilises patented solutions and products to assist customers in buying and selling vehicles. With this acquisition, Motus hopes to fast track its online and warehouse retailing segment positioning, increasing sales.
The time to invest in pre-owned is now
"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. We have been looking for the right solution to service this market. GetWorth is an attractive brand in this space and well-differentiated. We believe that Motus can easily scale it within the group. In addition, they demonstrated a great, proven online buying ability and an innovative culture," says the Chief Executive Officer of Motus Retail and Rental SA, Corné Venter.
"Going into business with a large dealer group like Motus was always a goal as it allows us to scale our business quickly and provide our customers with a world-class option when the time comes to sell their vehicle," adds Jamie Surkont, co-founder and Chief Executive Officer of GetWorth.
Surkont explains that GetWorth uses a variety of factors, including economic indicators, repo rate and inflation, to help them accurately predict values on a retail and trade level. "We believe this level of insight will be hugely beneficial to the extensive Motus dealer network and many of its partners," he adds.
Vehicle price offers made by GetWorth are based on live market data, not generic or assumed values, meaning that consumers receive fair value based on what the market has to offer. GetWorth focuses on quality vehicles, which is integral to buying and selling processes.
"The acquisition aims to empower Motus customers and dealers by matching the scale of the trusted and established Motus dealer network with the innovative processes and systems developed by GetWorth. In the future, GetWorth will remain an innovation platform to refine new products and ideas before rolling these concepts out to the extensive Motus business. Customers can also rest assured that they are dealing with South Africa's largest automotive retail group, backed by more than 345 brick and mortar dealerships countrywide." Venter concludes.
One of GetWorth's patented products is GetMore. The solution pays the motorist an upfront cash amount when they sell their car. GetWorth will then market the vehicle at a well-researched price. When it sells, GetWorth will pay the motorist 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. They note that a cash-out feature gives the motorist the chance to play the market for the first month risk-free.
They explain that the physical GetWorth warehouse shopping space you see in these pictures is designed around an aspirational concept. The facilities include delivery areas, inspection bays and refreshments managed by a concierge. Currently, one signature GetWorth space is located in Cape Town, while plans for a second facility are under way in Gauteng. Motus and GetWorth aim to open multiple such facilities in the country within the next five years.
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