Consumers will feel impact of war at fuel pumps
The global oil market is under pressure, with geopolitical instability driving prices higher and directly impacting consumers at the pump.
- Industry News
- 4 March 2026
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.
The global oil market is under pressure, with geopolitical instability driving prices higher and directly impacting consumers at the pump.
Hyundai Automotive South Africa is celebrating a significant milestone, namely 800 000 vehicles sold so far since its debut 25 years ago.
South Africa’s automotive landscape is shifting. While established brands remain strong, buyers are increasingly willing to explore alternatives that deliver better value, stronger features, and more contemporary engineering.
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Have you ever noticed that anybody driving slower than you is an idiot, and anyone going faster than you is a maniac?
George Carlin
The global oil market is under pressure, with geopolitical instability driving prices higher and directly impacting consumers at the pump.
Hyundai Automotive South Africa is celebrating a significant milestone, namely 800 000 vehicles sold so far since its debut 25 years ago.
South Africa’s automotive landscape is shifting. While established brands remain strong, buyers are increasingly willing to explore alternatives that deliver better value, stronger features, and more contemporary engineering.