JSE-listed WeBuyCars has reported group revenue of R14.2-billion for the six months ended March 31, an increase of 7.8% year-on-year.

The company reports that buying and selling volumes of 95 328 and 93 519 units were up 3.2% and 2.3% year-on-year, respectively.

Sales volumes surpassed 15 500 units a month for four of the six months, culminating in an all-time monthly sales record of 17 209 units in March while in January, the group delivered an all-time buying record of 17 617 units.

The company says these recent milestones demonstrate the growing scale, reach and operational capacity of the group and reinforce its growth momentum.

WeBuyCars says the ramp up in volumes was the direct result of a more disciplined percentile-based buying strategy focused on more affordable inventory, where the group’s competitive position is strongest and the addition of new ‘supermarket’ capacity.

Pleasingly, the company says this volume increase translated into an improvement in the group's market share for January to March.

The group delivered headline earnings and core headline earnings of R500.1-million for the six months ended March 31, down 1.6% on the prior comparable period.

The company says the performance follows a continued challenging and deflationary trading environment, in strong contrast to the buoyant trading conditions experienced in the prior period.

The core headline earnings were also impacted on by the opening of three new ‘supermarkets’, following a drive to invest ahead of the curve to secure expansion in key strategic areas.

Notwithstanding the current trading environment, WeBuyCars says the group continues to expand its footprint and grow its market share in line with planned growth aspirations.

Over the last year, the company explains that geographic expansion required a substantial investment in land and buildings, as well as working capital. IT and human resource costs were strategically incurred, in advance of the successful opening of the new ‘supermarkets’.

The company says the current trading environment is impacted by the growth in the new-vehicle market – up 15.7% for the 2025 calendar year – aided by the aggressive rise of competitively priced Asian brands.

“This has significantly influenced consumer behaviour and heightened competition, with these brands capturing notable new-vehicle market share through attractive pricing and compelling finance offerings.

“The current strength of the new-vehicle market in South Africa continues to place pressure on margins across the used-vehicle sector. Used-vehicle prices experienced deflation in the six-month period,” the company says in a trading statement.

WeBuyCars notes that traditional manufacturers, in an attempt to regain lost ground, responded in kind, further intensifying price competition and compressing the value differential that has historically made used vehicles a more attractive choice for many South African consumers.

To maintain liquidity and ensure healthy inventory turns, the selling prices of the group’s inventories, particularly those competing with the Asian brands and the competitively priced new vehicles, were adjusted downwards.

The company says this was a proactive and necessary response, but one that placed further pressure on the group’s margins.

“Management believes that while these market dynamics place pressure on the group in the short term, the buoyant new-vehicle market and the growing penetration of Asian brands are expected to be positive for WeBuyCars in the medium term, as these vehicles enter the used-vehicle market.

“This will expand the group’s acquisition base and opportunity set.”

PROSPECTS

WeBuyCars says the current challenging trading conditions have not impacted on the group’s medium- to long-term growth aspirations.

During the six-month period, the group achieved various milestones. These include the opening of the Montana ‘supermarket’, in Pretoria North, in November 2025; the opening of the Lansdowne ‘supermarket’, in Cape Town, in January; and the opening of the Witbank ‘supermarket’, in Mpumalanga, in February.

The company says these three ‘supermarkets’ have collectively expanded the group’s national parking bay footprint by 23.6% or 2 980 parking bays – 1 300 each in Pretoria North and Cape Town and 380 in Mpumalanga.

Additionally, the company says the group's geographic footprint expansion continues to build momentum, noting that the board has confirmed that a lease has been signed on a property in Bloemfontein, which will accommodate about 380 parking bays.

The group is planning to open this capital-light ‘supermarket’ in August. The company says this addition will establish a meaningful presence for the group in the Free State, extending the WeBuyCars network into a market that has historically been underserved by the group.

The group also recently signed a lease for a commercial vehicle facility adjacent to the R21 highway in Centurion, Gauteng, which will serve as the group's new home for its commercial vehicle business.

The company says these additions are consistent with the group's stated footprint expansion programme and support the group's medium-term volume aspiration of buying and selling 23 000 vehicles a month by financial year 2028. Progress towards this milestone remains on track.

Meanwhile, during the period under review, the group concluded the acquisition of a 49% equity stake in GoBid, the digital auction platform business that specialises in accident-damaged, uneconomic-to-repair and non-runners, for R376.8-million.

The company says the deal includes a clear pathway to majority control and potentially full ownership over time, should the group elect to do so, subject to the parties obtaining all of the necessary approvals and consents for implementation thereof at the time.

“This acquisition formalises a long-standing operational relationship and supports the group's strategy of servicing the full spectrum of the vehicle market, ensuring that every vehicle that enters the WeBuyCars ecosystem, regardless of condition, has an optimal route to market.”