Motus expands pre-owned vehicle business with GetWorth

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,” says 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 have been looking for the right solution with which to service this market. GetWorth were 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,” 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. A variety of these innovative solutions will be deployed throughout the group to increase efficiency and reduce risk,” added 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,” adds 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 3000km of 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.

GetWorth have built their business around the concept of deploying behaviours that enhance client value to create a model that focuses relentlessly on improving customer value. They pride themselves in offering a professional experience and a one touch approach.

“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,” concluded Surkont.

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 whilst 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 GetWorth pre-owned vehicle business adds to the value proposition offered by Motus as a traditionally new car business and will allow Motus to close the technology gap in quickly and accurately pricing cars at scale. GetWorth have developed highly innovative products and artificial intelligence-based solutions that will be deployed throughout the group to increase efficiency and reduce risk.

“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,” says the CEO of Motus Retail and Rental SA, Corné Venter.

GetWorth have developed sophisticated software and artificial intelligence that allow them to accurately price vehicles. This pricing is based on live market data, not generic 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. The GetWorth digital and valuation approaches will over time be leveraged into the Motus group.

“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 have 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,” added Venter.

The acquisition of GetWorth adds to the value proposition offered by Motus, which was traditionally a new car business and the growth of GetWorth over time is expected to contribute to the Motus pre-owned vehicle business.

In addition, the technology that GetWorth bring to the table will allow Motus to challenge the existing vehicle buying market through innovative opportunities and will increase the options available to South African car shoppers by offering a premium, trustworthy experience of selling and buying pre-owned vehicles while at the same time contributing to the used car business within the Motus group.

“The acquisition aims to empower Motus customers and dealers by matching the scale of the trusted and established Motus dealer network with the innovative processes and systems developed by GetWorth. Going forward GetWorth will remain an innovation platform where new products and ideas can be refined before rolling these concepts out to the extensive Motus business. Customers can also rest assured that they are dealing with South Africa’s largest automotive retail group, backed by over 345 brick and mortar dealerships countrywide.” Venter concluded.

Motus expands pre-owned vehicle business with GetWorth acquisition

In a move to increase their pre-owned vehicle business and become a significant player in the ‘sell your car’ retail environment, Motus has acquired a majority stake in GetWorth, an innovator in South Africa’s pre-owned vehicle industry.

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

In recent years there has been a clear shift to consumers selling their car out of hand in an effort to get the best value for their pre-owned wheels. In the past 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 rather sell their cars first and then have the freedom and flexibility to shop for a new car, without the trade-in factor.

“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 have been looking for the right solution with which to service this market. GetWorth were 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,” 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 at scale. GetWorth have developed highly innovative products and artificial intelligence-based solutions that we will deploy throughout the group to increase efficiency and reduce risk,” added Venter.

The acquisition of GetWorth will also allow Motus to challenge the existing vehicle buying market through innovative opportunities and will increase the options available to South African car shoppers by offering a premium, trustworthy experience of selling and buying pre-owned vehicles. The GetWorth digital and valuation approaches will be leveraged over time and incorporated into the Motus retail and rental businesses.

“We are eager to unlock the potential in our business with this strategic investment. Being SA’s largest dealer network means that Motus has significant operational scale and recognises the value of innovation. The innovations that GetWorth have developed bring us both closer to our ambition of providing South African customers with solutions to real-life problems while ensuring a more sustainable ownership cycle,” said Venter.

In addition, the acquisition aims to empower Motus customers and dealers by matching the scale of the trusted and established Motus dealer network with the innovative processes and systems developed by GetWorth. Going forward GetWorth will remain an innovation platform where new products and ideas can be refined before rolling out to the extensive Motus business.

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 motorists 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.

Although there are a number of established players in this sector of the automotive retail environment, Motus believe that by combining the innovative technology developed by GetWorth with their reputation built on trust and excellent customer service throughout their history, they can offer a customer a solution that really allows them to get the best value for their vehicle, when the time comes to sell. In addition, customers can also rest assured that they are dealing with South Africa’s largest automotive retail group, backed by over 300 brick and mortar dealerships countrywide.

Motus offers services across the automotive value chain through four key business segments including import and distribution, retail and rental, mobility services and aftermarket parts.

Motus has a long and established history in South Africa going back to 1948, when its founding company Imperial Holdings started as a single motor dealership in downtown Johannesburg. The company was listed on the Johannesburg Stock Exchange in 2018, following its unbundling from Imperial Holdings.

Motus teams up with GetWorth

Motus Holdings Ltd (Motus), South Africa’s leading automotive group, has acquired a majority stake in GetWorth, an innovator in South Africa’s pre-owned vehicle industry.

Motus is South Africa’s largest dealer group, with in excess of 345 dealerships located across South Africa.

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 their 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 car out of hand in an effort to get the best value for their pre-owned vehicles. In the past 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 rather sell their cars first and then have the freedom and flexibility to shop for a new car, without the trade-in factor.

“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 have been looking for the right solution with which to service this market. GetWorth is an attractive brand in this 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,” 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. GetWorth have developed highly innovative products and artificial intelligence-based solutions that we will deploy throughout the group to increase efficiency and reduce risk,” added Venter.

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 South African car shoppers by offering a premium, trustworthy experience of selling and buying pre-owned vehicles.

“We are eager to unlock the potential in our business with this strategic investment. Being SA’s largest dealer network means that Motus has significant operational scale and recognises the value of innovation. The acquisition moves us both closer to our ambition of providing South African customers with solutions to real-life problems while ensuring a more sustainable ownership cycle,” said Venter.

In addition the acquisition aims to empower Motus customers and dealers by matching the scale of the trusted and established Motus dealer network with the innovative processes and systems developed by GetWorth.

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.

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

GetWorth have developed sophisticated software and Artificial Intelligence that allow them to accurately price vehicles. “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,” adds Surkont.

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.

Ends