WeBuyCars, South Africa’s leading used-car retailer, delivered strong first-half earnings, with core headline earnings rising by 26.4% to R508.2 million. The company credited its growth to a strategic expansion drive, which boosted sales volumes, increased average selling prices, and improved cost efficiency. Despite issuing new shares before its 2024 listing—which slightly diluted earnings per share—the business maintained solid performance, with core headline earnings per share (HEPS) still growing by 1.6%.
Revenue hit a record R13.1 billion, up 15.2%, as the company bought 92,339 vehicles (a 12.9% increase) and sold 91,392 (a 13.5% rise). A key highlight was November 2024, when WeBuyCars achieved a monthly sales record of 16,294 vehicles. The group expanded its footprint by adding 10 new buying pods, bringing the total to 93 nationwide. It remains on track to reach its ambitious target of buying and selling 23,000 cars per month by 2028.
Investments in technology have also played a crucial role, streamlining the buying and selling process for customers while improving margins. The company funds its growth through existing cash reserves and debt facilities, ensuring sustainable expansion. With strong operational execution and a clear growth strategy, WeBuyCars continues to strengthen its position as South Africa’s top used-car retailer.