Motus Holdings Ltd (Motus), SA’s leading automotive group, has acquired a majority stake in GetWorth, an innovator in the pre-owned vehicle industry.
Motus is SA’s largest dealer group, with in excess of 345 dealerships located across the country.
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 cars 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 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 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 customers with solutions to real-life problems while ensuring a more sustainable ownership cycle,” said Venter.
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.
“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 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.