WeBuyCars founders Dirk and Faan van der Walt have sold about R866m worth of shares in the used-vehicle retailer, two years after the group’s stock market debut. The disposal represents a partial exit rather than a retreat, with the brothers retaining a combined stake of about 5.81% and continuing in their executive roles. The company said the transaction formed part of a structured approach to wealth diversification after a prolonged rise in the share price left their personal fortunes heavily concentrated in a single asset.
WeBuyCars, which has a market capitalisation of roughly R19bn, has been one of the strongest performers among recent listings on the JSE. The group floated in April 2024 at R18.75 a share and has since risen to about R47, reflecting investor confidence in its high-volume, data-driven retail model. Management has indicated that no further sales by the founders are planned in the near term, signalling that the move is intended to rebalance exposure rather than reduce operational involvement.
The company has grown rapidly by scaling its buying and selling platform, which now handles more than 16,000 vehicles a month. Its online reach underpins this performance, with the website attracting around seven million visits monthly and about 2.3 million unique users. These metrics point to a dominant digital footprint in a fragmented second-hand market, where convenience and price discovery have become key competitive factors.
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WeBuyCars has also set an ambitious expansion target of trading 23,000 vehicles a month by 2028, supported by new buying centres and logistics investment. According to JSE market data, the group’s share price appreciation has been driven by sustained revenue growth and widening margins, even as higher interest rates have pressured discretionary spending. Analysts note that the used-car segment has benefited from constrained new-vehicle supply and rising affordability gaps, which have pushed more consumers into the pre-owned market.
Longer-term expectations remain optimistic. As reported by Coronation Fund Managers, the company could eventually capture up to 40% of South Africa’s second-hand vehicle market, placing it alongside scaled domestic disruptors in sectors such as healthcare, retail and banking. That assessment rests on WeBuyCars’ ability to leverage its brand, pricing algorithms and logistics network to entrench market share.