Motus Holdings Ltd (Motus), South Africa’s leading automotive group, has purchased a 60% stake in GetWorth, an innovator in South Africa’s pre-owned vehicle industry.
With this acquisition, Motus hopes to fast track its position in the online and warehouse retailing segment, resulting in increased sales while also boosting its existing pre-owned businesses.
“Going into business with a large dealer group like Motus has always been 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 vehicles,” says Jamie Surkont, co-founder and CEO of GetWorth.
“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 has been looking for the right solution when it comes to servicing this market.
“GetWorth was an attractive and well-differentiated brand in that space, and we believe that it can be easily scaled within the Motus group. In addition, the brand demonstrated a great, proven online buying ability and an innovative culture,” says the CEO of Motus Retail and Rental SA, Corné Venter.
The acquisition of GetWorth will allow Motus to close the technology gap when quickly and accurately pricing cars. A variety of these innovative solutions will be deployed throughout the group to increase efficiency and reduce risk,” Corné added.
“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, which we believe will be hugely beneficial to the extensive Motus dealer network and many of its partners,” adds Jamie.
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. GetWorth focuses on quality vehicles and that is integral to both the buying and selling process.
One of GetWorth’s patented products is GetMore. The product pays motorists an upfront cash amount when they sell their cars. GetWorth will then market the particular 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 of playing the market for the first month risk-free.
Not all vehicles qualify for GetMore and in the current market conditions this offer is limited to vehicles with a retail value of over R200 000.
Shoppers who purchase a vehicle from GetWorth are treated to a seven-day/700 km money back guarantee and in addition if something goes wrong with the car within 30 days, or 3 000 km of purchase, any issues will be resolved.
GetWorth has been growing at an astonishing rate since it was launched in 2017. The company recorded a 60% compound growth year-on-year for five years, and the partnership with Motus will most certainly see that growth increase even further.
The physical GetWorth warehouse shopping space has been designed around an aspirational concept. The facilities include delivery areas, inspection bays and refreshments managed by a concierge.
There is currently one signature space located in Cape Town, with a second facility in the process of being set up in Gauteng. Motus and GetWorth aim to expand on these facilities in the country in the next five years whilst enhancing national buying and sales delivery networks using group infrastructure.
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