Earlier this month the folks over at Motus, SA’s leading automotive group, announced that they have acquired a majority stake in GetWorth, an innovator in the used vehicle industry.
For those not familiar with both these brands; Motus is SA’s largest dealer group, with in excess of 345 dealerships located across country while GetWorth is a technology and online pre-owned vehicle business based in Cape Town that utilises patented technology and products to assist customers to buy and sell vehicles.
Through the entire alignment and 49% acquisition, Motus hopes to fast track their positioning in the online and warehouse retailing segment, resulting in increased sales.
But what does this partnership mean for the consumer?
- The acquisition of GetWorth will allow Motus to close the technology gap in quickly and accurately pricing cars
- 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
- GetWorth have developed sophisticated software and Artificial Intelligence that allow them to accurately price vehicles.
In addition to the benefits listed above, customers will also get access to GetWorth’s GetMore product. The product is said to pay the motorist an upfront cash amount when they sell their car. The folks at 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.
All of this gets done by at the physical GetWorth warehouse shopping space which 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.
“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.
“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,” says the CEO of Motus Retail and Rental SA, Corné Venter.
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