GetWorth acquired by SA’s largest vehicle retailer

GetWorth, an innovator in South Africa’s pre-owned vehicle industry, has been acquired by Motus, SA’s largest vehicle retailer. Thanks to this investment, it is expected that GetWorth will become a formidable player in the pre-owned vehicle market while at the same time offering an innovative solution for motorists looking to sell their vehicle.

“Going into business with a large dealer group like Motus was always a goal as it allows us to scale our business quickly and provide our customers with a world-class option when the time comes to sell their vehicle,” said Jamie Surkont, co-founder and CEO of GetWorth.

“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 has been looking for the right solution with which to service this market. GetWorth was an attractive brand in that space and well differentiated, and 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,” said 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. A variety of these innovative solutions will be deployed throughout the group to increase efficiency and reduce risk,” said Venter.

“We use a variety of factors, including economic indicators, repo rate and inflation, to help us accurately predict values on a retail and trade level, which we believe will be hugely beneficial to the extensive Motus dealer network and many of its partners,” said Surkont.

Vehicle price offers made by GetWorth are based on live market data, not generic or assumed values, meaning that consumers are receiving fair value based on what the market has to offer. GetWorth focuses on quality vehicles and that is integral to both the buying and selling process.

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 and agreed 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.

Not all vehicles qualify for GetMore, and in current market conditions, this offering is limited to vehicles with a retail value of over R200 000.
Shoppers who purchase a vehicle from GetWorth are treated to a seven-day/700km money-back guarantee, and in addition, if something goes wrong with the car within 30 days or 3 000km of the purchase, any issues will be resolved.

GetWorth has been growing at an astonishing rate since it was launched in 2017. The company recorded a 60% compound growth year on year for five years, and the partnership with Motus will most certainly see that growth increase even further.

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, with a second facility in process in Gauteng. Motus and GetWorth aim to expand on these facilities in the country in the next five years while enhancing national buying and sales delivery networks using group infrastructure.

GetWorth acquisition represents significant value for Motus

Motus Holdings Ltd (Motus), South Africa’s leading automotive group, has purchased a 60% stake in GetWorth, an innovator in South Africa’s pre-owned vehicle industry. With this acquisition, Motus hopes to fast-track their positioning in the online and warehouse retailing segment, resulting in increased sales while also boosting their existing pre-owned businesses.

“The pre-owned vehicle market has experienced numerous disruptions in the last few years, which have been further exacerbated by the constraints experienced with the global supply of new vehicles. As such, the accurate pricing of pre-owned vehicles has become critical in the successful running of this portion of the business,” said the CEO of Motus Retail and Rental SA, Corné Venter.

“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 engagement platforms. As such, Motus has been looking for innovative solutions with which to service this market. GetWorth is an attractive brand in this space and well differentiated, and 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,” said Venter.

Motus expands pre-owned vehicle business with GetWorth acquisition

GetWorth is a technology and online pre-owned vehicle business that utilises patented technology and products to assist customers to buy and sell vehicles.

“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 has been looking for the right solution with which to service this market. GetWorth was 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,” said the CEO of Motus Retail and Rental SA, Corné Venter.

Source: MotorPress