Motus acquires 49% stake in GetWorth

10th March 2021

By: Irma Venter

Creamer Media Senior Deputy Editor

     

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Motus Holdings has acquired a 49% stake in preowned vehicle company GetWorth.

Motus says the acquisition will fast-track its positioning in the online and warehouse retailing segment. 

Launched in 2017, GetWorth is a technology and online preowned vehicle business that uses patented technology and products to assist its customers to buy and sell vehicles.

One of its products is GetMore. 

Once the seller has provided GetWorth with the necessary details, the company accesses the vehicle data and sends the seller an offer. 

GetWorth pays an upfront cash amount to the seller, and then markets the car at a realistic price the seller has specified in his or her contract. 

When the vehicle sells, GetWorth will pay the seller a bonus amount – which is the difference between the actual selling price, the upfront cash amount already paid, with the GetWorth fees, and all the necessary reconditioning costs.

“The pre-owned vehicle market is undergoing rapid change, and this transaction secures important capabilities for Motus,” says Motus CEO Osman Arbee.

“GetWorth has developed highly innovative products and artificial intelligence-based solutions that we will deploy through the group. 

“GetWorth is also breaking new ground in integrating the physical and online worlds with new retail formats.”

The collaboration between Motus and GetWorth will challenge the existing vehicle-buying market through innovative opportunities and will increase the options available to South African car shoppers, says Motus in a statement.

“The acquisition also underpins Motus’ intention to future-proof its new and preowned retail businesses, and aims to empower its customers and dealers by matching the scale of the trusted and established Motus dealer network with GetWorth’s innovative processes and systems.”

“We are eager to unlock the potential in our business with this strategic investment,” says GetWorth co-founder Jamie Surkont.

“Motus has significant operational scale and recognises the value of innovation. This partnership moves us both closer to our ambition of providing South African customers with solutions to real-life problems, whilst ensuring a more sustainable ownership cycle.”

GetWorth’s flagship signature retail space will be launched in Cape Town by the end of this year, followed by Gauteng. 

“This physical footprint will enhance our online offering and provide a superior one-touch service to our customers,” adds Surkont. 

 

Edited by Creamer Media Reporter

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