ShapeShifter, The Money Show with Bruce Whitfield

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

(Also, read: Best age to sell or trade your car in)

Picture credit: https://www.webuycars.co.za/

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

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