WeBuyCars lists on the JSE

South African car retailer WeBuyCars has made a significant milestone by listing on the Johannesburg Stock Exchange (JSE), marking a momentous occasion for the company. Faan van der Walt, the CEO of WeBuyCars, shared insights on the company's growth plans during an interview with CNBC Africa. Van der Walt expressed his excitement about the achievement, highlighting the years of hard work that have led to this moment. He emphasized that the company sees this listing as a stepping stone towards even greater success in the future. The CEO outlined WeBuyCars' growth strategy in the midst of challenging market conditions, such as high interest rates and inflation impacting the car market. Despite these hurdles, van der Walt remains optimistic about the industry's potential for growth, pointing out that the vehicle park is expanding as more people opt for vehicle ownership amid limitations in public transport. Currently holding a market share of around 12%, the company aims to capitalize on the growing demand for vehicles and expand its reach. One of WeBuyCars' ambitious goals is to achieve 3,000 car sales per month over the next five years, building on the continuous growth the company has experienced in recent years. Van der Walt underscored the importance of organic growth, stating that it provides a solid foundation for sustainable expansion and helps in preserving the company's culture. While inorganic growth through mergers and acquisitions could accelerate their progress, the emphasis remains on gradual, organic expansion. In navigating the competitive landscape, WeBuyCars maintains a healthy respect for its rivals, recognizing the value of competition in driving innovation and excellence. Van der Walt highlighted the company's focus on technology and innovation, with investments in AI playing a crucial role in enhancing operational efficiency. Embracing cutting-edge technologies has been a key driver of WeBuyCars' success, with a dedicated team driving advancements in this space. Addressing the topic of dividends, van der Walt expressed his preference for retaining cash within the business to support future growth rather than paying out large dividends. As part of a strategic shift, the company is considering a revised dividend policy aligning with sustainable practices, aiming to allocate around 25 to 33% of profits towards dividends. The CEO's forward-looking approach and emphasis on innovation signal WeBuyCars' commitment to adapting to market dynamics and positioning itself for sustained growth and success. With a clear focus on leveraging technology, expanding organically, and prudent financial management, the company is poised to navigate challenges and capitalize on opportunities in the evolving automotive industry.