In a move to increase their pre-owned vehicle business and become a significant player in the ‘sell your car’ retail environment, Motus has acquired a majority stake in getWorth, an innovator in South Africa’s pre-owned vehicle industry.
getWorth is a technology and online pre-owned vehicle business that utilises patented technology and products to assist customers to buy and sell vehicles.
In recent years there has been a clear shift to consumers selling their car out of hand in an effort to get the best value for their pre-owned wheels. In the past buyers would purchase new cars from dealerships and then trade them in at the same dealership as part of the process of buying their next car. These days’ consumers rather sell their cars first and then have the freedom and flexibility to shop for a new car, without the trade-in factor.
“The South African pre-owned vehicle market has experienced a huge shift to the sell your car market as consumers become more comfortable with the digital shopping experience. As such Motus have been looking for the right solution with which to service this market. getWorth were an attractive brand in that space and well differentiated. We believe that it can be easily scaled within the Motus group. In addition, they demonstrated a great, proven online buying ability and an innovative culture,” says the CEO of Motus Retail and Rental SA, Corné Venter.
The acquisition of getWorth adds to the value proposition offered by Motus, which was traditionally a new car business and the growth of getWorth over time is expected to contribute to the Motus used car business with the expansion into warehouse type retailing.
“The acquisition of getWorth will allow Motus to close the technology gap in quickly and accurately pricing cars at scale. getWorth have developed highly innovative products and artificial intelligence-based solutions that we will deploy throughout the group to increase efficiency and reduce risk,” added Venter.
The acquisition of getWorth will also allow Motus to challenge the existing vehicle buying market through innovative opportunities and will increase the options available to South African car shoppers by offering a premium, trustworthy experience of selling and buying pre-owned vehicles. The getWorth digital and valuation approaches will be leveraged over time and incorporated into the Motus retail and rental businesses.
“We are eager to unlock the potential in our business with this strategic investment. Being SA’s largest dealer network means that Motus has significant operational scale and recognises the value of innovation. The innovations that getWorth have developed bring us both closer to our ambition of providing South African customers with solutions to real-life problems while ensuring a more sustainable ownership cycle,” said Venter.
In addition, the acquisition aims to empower Motus customers and dealers by matching the scale of the trusted and established Motus dealer network with the innovative processes and systems developed by getWorth. Going forward getWorth will remain an innovation platform where new products and ideas can be refined before rolling out to the extensive Motus business.
One of getWorth’s patented products is getMore. The product pays the motorist an upfront cash amount when they sell their car. getWorth will then market the car at a well-researched price. When the vehicle sells, the motorists will be paid a bonus amount, which is the difference between the actual selling price, the upfront cash amount paid initially and the fees and necessary reconditioning costs. A cash-out feature gives the motorist the chance to play the market for the first month risk-free.
Although there are a number of established players in this sector of the automotive retail environment, Motus believe that by combining the innovative technology developed by getWorth with their reputation built on trust and excellent customer service throughout their history, they can offer a customer a solution that really allows them to get the best value for their vehicle, when the time comes to sell.
In addition, customers can also rest assured that they are dealing with South Africa’s largest automotive retail group, backed by over 300 brick and mortar dealerships countrywide.
Motus offers services across the automotive value chain through four key business segments including import and distribution, retail and rental, mobility services and aftermarket parts.
Motus has a long and established history in South Africa going back to 1948, when its founding company Imperial Holdings started as a single motor dealership in downtown Johannesburg. The company was listed on the Johannesburg Stock Exchange in 2018, following its unbundling from Imperial Holdings.