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
Faan van der Walt is the founder of WeBuyCars.co.za and WeSellCars.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.
The Money Show’s Bruce Whitfield interviewed Van Der Walt for his weekly “ShapeShifter” feature.
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)
More from ShapeShifter

Meet Fortune Mojapelo of (London-listed) SA vanadium producer Bushveld Minerals
The Money Show’s Bruce Whitfield asks Bushveld Minerals founder Fortune Mojapelo to share his success story.
Read More
The Duchess - the story behind the world’s first non-alcoholic gin & tonic
Launched in 2016, The Duchess has won numerous awards and successfully broke into the UK, Belgium and the Scandinavian countries.
Read More
Still young(ish)? Entry-level jobs available on Lulaway’s employment platform
Lulaway has placed 30 000 young South Africans in jobs since 2011. Bruce Whitfield interviews its CEO, Jake Willis.
Read More
38 deals, not one failure! – Bruce Whitfield on black-owned Pape Fund Managers
The Money Show’s Bruce Whitfield interviews Zuko Kubukeli, CEO at Pape Fund Managers.
Read More
Need a loan to grow your small business? There’s a pot of money waiting
Spartan SME Finance provides finance for small businesses. Bruce Whitfield interviews its CEO, Kumaran Padayachee.
Read More
Grade-4s in SA don’t understand what they’re ‘reading’. Enter Click Foundation…
Nicola Harris (founder, Click Foundation) on her mission to radically transform educational outcomes of disadvantaged learners.
Read More
Pieter de Villiers is (yet another) South African taking Silicon Valley by storm
He’s the co-founder of Clickatell, global leaders in application-to-person mobile messaging and mobile transactional services.
Read More
Meet Fred Roed, founder of 'Heavy Chef' (SA’s most popular monthly tech event)
The Money Show's Bruce Whitfield interviews the author of "The Heavy Chef Guide to Starting a Business in South Africa".
Read More
Meet braai master Justin Bonello, a great South African with a heart of gold
Justin Bonello (of the show "Cooked") is the founder of Neighbourhood Farm. It employs unskilled community members to farm.
Read More
Story of Van Loveren Vineyards and 'Four Cousins', SA's top-selling bottled wine
Bruce Whitfield interviews Phillip Retief, CEO at Van Loveren Vineyards, the origin of the SA's top-selling wine, "Four Cousins".
Read MoreMore from The Money Show with Bruce Whitfield

PwC report finds accounting irregularities at Tongaat Hulett
The Money Show's Bruce Whitfield chats to Opportune Investments fund manager Chris Logan.
Read More
FNB processes almost 3,000 transaction per second on 2019 Black Friday
The Money Show’s Bruce Whitfield chats to CEO Jacques Celliers on the impact the day had on South African bankers.
Read More
'I’m very conscious about how I spend. I don’t buy fancy cars. I buy bargains'
Bruce Whitfield interviews Sipho Hotstix Mabuse about his attitude toward money (hopes and fears, successes and failures, etc.).
Read More
Enjoy life and save for the future by splitting income using the '50/15/5 rule'
You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.
Read More
'Emigration is draining skills, destroying the future of South Africa’s economy'
Small business guru Pavlo Phitidis shares shocking anecdotes and advises business owners on how to address this challenge.
Read More
How to get a nice, fat tax refund from Sars (a guide for business owners)
The Money Show's Bruce Whitfield interviews Daniel Baines, author of "How to Get a Sars Refund for Small Businesses".
Read More
Jeremy Mansfield gets real about his money and beliefs about it
Bruce Whitfield interviews Jeremy Mansfield about his attitude to money (hopes and fears, successes and failures, etc.).
Read More
'We had a disdain for money. Material possessions counted for so little'
Justice Albie Sachs talks about his attitude to money (hopes and fears, successes and failures, etc.).
Read More
My daughter (10) and son (5) must start working early - Riky Rick
Bruce Whitfield interviews rapper Riky Rick about his attitude toward money (hopes and fears, successes and failures, etc.).
Read More
Buying a used car? New app sends mechanic to inspect it before you decide
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