Buying second hand cars will now be more comfortable for South Africans with the infusion of R1.4 Billion (~100M USD) by Naspers backed OLX group. With this, the company is looking forward for further development in the overall car dealership ecosystem.
WeBuyCars is a platform that provides a specialized car buying as well as selling services to it’s customers. The website claims to have bought 3,918 average vehicles bought per month. Employing 600+ people, the company claims to have 14 branches and branching pods. Apart from cars, the company also aims at motorcycles, trailers, caravan and others.
With this funding, the OLX group has definitely expressed optimism towards the success of this WeBuyCars and the area of buying and selling used cars. The investment is believed to be motivated by plans that are largely aimed at driving OLX’s proprietary online classified category.
Since the used car market in South Africa is still lacking to a great extent, such an effort will be adding some stimulus to it.