Are you looking to sell your car out of hand? You’re in luck because a new partnership in the motor sales industry may just be what you need to get more cash in your pocket. South African automotive group, Motus Holdings Ltd (Motus), has acquired a majority stake in GetWorth, an innovator in the pre-owned vehicle industry. Within excess of 345 dealerships located across the country, Motus is South Africa’s largest dealer group while GetWorth is a technology and online pre-owned vehicle business that utilises patented technology and products to assist customers to buy and sell vehicles.
With this acquisition, Motus hopes to fast track its positioning in the online and warehouse retailing segment, resulting in increased sales.
In recent years, there has been a clear shift to consumers selling their cars out of hand, in an effort to get the best value for their pre-owned vehicles. Previously, 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 often opt to sell their cars first and then have the freedom and flexibility to shop for a new car, without the trade-in factor.
“The 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 has been looking for the right solution with which to service this market. GetWorth is an attractive brand in this space and well-differentiated,” says the CEO of Motus Retail and Rental SA, Corné Venter. “The acquisition of GetWorth will allow Motus to close the technology gap in quickly and accurately pricing cars.”
The technologies developed by GetWorth will allow Motus to also challenge the existing vehicle buying market through innovative opportunities and will increase the options available to car shoppers by offering a premium, trustworthy experience of selling and buying pre-owned vehicles.
One of GetWorths 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 motorist 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.
“Our business has always been designed to optimise customer outcomes, and we believe our unique approach to this emerging sector of the automotive retail business will add tremendous value to this well established retail giant,” says Jamie Surkont, co-founder and CEO of GetWorth.
The process of selling a vehicle requires only a few steps. Clients load their details online and are then sent a firm offer. If the client likes and accepts the offer, a specialist team completes comprehensive background checks and inspects the vehicle, either at GetWorth’s premises or at those of the client. If all is in order, the seller receives immediate payment.
The physical GetWorth warehouse shopping space has been designed around an aspirational concept. The facilities include delivery areas, inspection bays and refreshments managed by a concierge. There is currently one signature space located in Cape Town, while plans for a second facility is underway in Gauteng. Motus and GetWorth aim to open multiple such facilities in the country in the next five years.