19-05-2025
WeBuyCars' core headline earnings up by 26%, half-year results show
Used car group WeBuyCars says the number of vehicles it sold increased by 13.5% to 91,392 in the six months to March.
The company bought 92,339 cars from consumers, up 12.9%.
Core headline earnings for the half-year stood at R508m, growing 26.4% from the previous comparable period.
'This growth trajectory can be attributed to the continuous focus on enhancing and investing in the group's innovative digital business platform.'
The company said it experienced buoyant pre-owned vehicle trading conditions in the first four months of the interim period, driven by numerous factors including positivity about the favourable election outcome and the formation of a government of national unity (GNU), lower inflation levels, three consecutive 25 basis point repo rate cuts since September 2024, improving consumer confidence and an injection of cash into the economy from the two-pot retirement system.
In February and March 2025, this positivity waned somewhat, however, with consumers adopting a 'wait and see' attitude after experiencing increased uncertainties on numerous fronts including: the cohesive working of the GNU, the since-aborted increases in the VAT rate, concerns after the budget debates and uncertainties relating to US trade tariffs.
WeBuyCars has a goal of buying and selling 23,000 vehicles per month by the 2028 full financial year.
During the six months to March, WeBuyCars added 10 new buying pods, bringing the group's national footprint to 93.
Business Times
