Wesbank and Toyota Financial Services will pay a R30 million administrative penalty settlement to The Competition Commission of South Africa.
The Competition Commission welcomes the Competition Tribunal’s confirmation of the settlement agreement concluded between the Commission and WesBank, a division of FirstRand Bank (“WesBank”), Toyota Financial Services South Africa (“TFSSA”), Toyota Motor Corporation (“TMC”), Toyota Financial Services UK PLC (“TFSUK”) and Toyota South Africa Motors (Pty) Ltd (“TSA”) (“the Respondents”). In terms of the settlement agreement, the Respondents will pay an administrative penalty of R30 000 000 (R30 million) without admission of liability.
This settlement agreement followed the Commission’s referral on 01 February 2022 and subsequent prosecution of a complaint against the Respondents before the Tribunal for allegedly dividing the market for wholesale and retail financing of Toyota vehicles by allocating suppliers and/ or customers, in possible contravention of section 4(1)(b)(ii) of the Competition Act 89 of 1998, as amended.
It was alleged that in terms of the Respondents’ joint venture agreement, WesBank was restrained from offering motor vehicle finance to customers seeking to purchase vehicles at authorised Toyota dealerships. All vehicle finance applications made directly to WesBank by customers seeking to purchase vehicles from authorised Toyota dealerships were referred to the joint venture, TFSSA, for finance. The vehicles involved were new Toyota, Lexus and Hino vehicles and any used vehicles sold through the authorised Toyota dealerships.
As part of the settlement agreement, the Respondents will remove restrictions that prevented Wesbank from financing motor vehicles purchased from authorised Toyota dealerships.
“The removal of the restrictions that prevented Wesbank from financing vehicles will give customers a wider choice when selecting vehicle financiers to finance vehicles purchased from authorised Toyota dealerships,” says Commissioner Doris Tshepe.
The confirmation of this settlement agreement by the Tribunal concludes all proceedings between the Commission and the Respondents in relation to this matter.
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Daimler Truck Southern Africa (DTSA) has announced leadership changes within the DTSA Board of Directors, the Executive Committee and the Finance & Controlling Team by welcoming Piérre Kriek as the incoming CFO of the DTSA Group, effective 1 November 2025.
Satish Ranchod is the new Human Resources Director at VW Group Africa, effective 1 November 2025.
The milestone 10th edition of Automechanika Johannesburg attracted 307 exhibitors and facilitated 2 959 business-matchmaking meetings, connecting buyers and suppliers from across the continent and beyond.
