The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)
(Also, read: Best age to sell or trade your car in)
WeBuyCars was founded by me and my brother, Dirk, in 2001… I’m the executor… I never procrastinate, while Dirk is the dreamer… We’re a good combo!Faan van der Walt, WeBuyCars.co.za
I taught in the UK for two years… We saved an amazing amount of money [R300 000]… I bought a house… and with the rest, I funded the business…Faan van der Walt, WeBuyCars.co.za
The second-hand car space doesn’t have a good reputation at all… as far as our culture is concerned… We don’t hire people from the motor trade…Faan van der Walt, WeBuyCars.co.za
WeBuyCars.co.za offers private car sellers the ability to do so through a three-step online procedure.
It offers expert sales advice and secure transactions.
The company comes to a location suitable to the seller, making sales safe and convenient.
For second-hand car buyers, Van der Walt offers a wide range of thoroughly inspected vehicles with the required documentation.
Dealerships also benefit from WeSellCars.co.za’s wholesale prices on a range of stock.
Naspers-owned OLX Group recently invested R1.4 billion in WeBuyCars.
Listen to the interview in the audio below (and scroll down for more quotes from it).
People just don’t have the time to go through the hassle…Faan van der Walt, WeBuyCars.co.za
My brother and I did everything ourselves… it’s that 10 000 hours thing everybody talks about…Faan van der Walt, WeBuyCars.co.za
We saw our service levels drop; we were just so busy!Faan van der Walt, WeBuyCars.co.za
Initially, we only worked in Gauteng… We found ourselves flying to Cape Town ever so often… Right now, we’re all over the country…Faan van der Walt, WeBuyCars.co.za
[We have] 720 employees…Faan van der Walt, WeBuyCars.co.za
We’ve taken actual sales data of over 100 000 vehicles… We use that together with book value and market trends… to determine [sales price]…Faan van der Walt, WeBuyCars.co.za
We trade over 5000 vehicles a month…Faan van der Walt, WeBuyCars.co.za
Our buyers are thoroughly trained… even if it’s not a reliable vehicle, we’ll still buy it at a certain price… We’ll buy anything!Faan van der Walt, WeBuyCars.co.za
Yes [when asked if Van Der Walt will stay in control, after the OLX investment].Faan van der Walt, WeBuyCars.co.za
Cars are in my blood… I leave at six in the morning because I love it!Faan van der Walt, WeBuyCars.co.za
I drive every single car there is… it’s one of the perks of the job… I love Porsche…Faan van der Walt, WeBuyCars.co.za
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
This article first appeared on 702 : The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)
Marc Lubner on the NGO's programmes for young South Africans and how working with Nelson Mandela inspired his life's work.Read More
The Money Show's Bruce Whitfield interviews Eskom interim chair and Health Ombud, Prof. Malegapuru Makgoba.Read More
Former Springbok Bryan Habana about where he is at this point of his career.Read More
The Money Show’s Bruce Whitfield interviews Solidarity Fund Chairperson Gloria Serobe.Read More
Technological advancements have made it possible for new banks to operate and flourish.Read More
The Money Show’s Bruce Whitfield asks Bushveld Minerals founder Fortune Mojapelo to share his success story.Read More
Launched in 2016, The Duchess has won numerous awards and successfully broke into the UK, Belgium and the Scandinavian countries.Read More
Lulaway has placed 30 000 young South Africans in jobs since 2011. Bruce Whitfield interviews its CEO, Jake Willis.Read More
The Money Show’s Bruce Whitfield interviews Zuko Kubukeli, CEO at Pape Fund Managers.Read More
Spartan SME Finance provides finance for small businesses. Bruce Whitfield interviews its CEO, Kumaran Padayachee.Read More
The Money Show's Bruce Whitfield chats to Opportune Investments fund manager Chris Logan.Read More
The Money Show’s Bruce Whitfield chats to CEO Jacques Celliers on the impact the day had on South African bankers.Read More
Bruce Whitfield interviews Sipho Hotstix Mabuse about his attitude toward money (hopes and fears, successes and failures, etc.).Read More
You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.Read More
Small business guru Pavlo Phitidis shares shocking anecdotes and advises business owners on how to address this challenge.Read More
The Money Show's Bruce Whitfield interviews Daniel Baines, author of "How to Get a Sars Refund for Small Businesses".Read More
Bruce Whitfield interviews Jeremy Mansfield about his attitude to money (hopes and fears, successes and failures, etc.).Read More
Justice Albie Sachs talks about his attitude to money (hopes and fears, successes and failures, etc.).Read More
Bruce Whitfield interviews rapper Riky Rick about his attitude toward money (hopes and fears, successes and failures, etc.).Read More
Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.Read More