prospective car buyers set to benefit from strong competition in the pre-owned market

PROSPECTIVE CAR BUYERS SET TO BENEFIT FROM STRONG COMPETITION

IN THE PRE-OWNED MARKET

• Pre-owned car traders adopting hybrid business models make it easier for consumers to buy, sell or trade cars
• Value for money, choice and convenience remain top considerations for buyers, especially with regards to the increased demand for older, quality pre-owned vehicles.
• Based on a shift in the pre-owned segment and increasing pressure on consumers, large scale car traders are pivoting business models to deliver higher prices for customers selling cars at below retail price options when purchasing
• Weelee to open its first 40 000m2 mega showroom in Midstream, Centurion on 1 November
• More than 1 000 vehicles available at any time
• Provides one-stop convenience for consumers wanting to buy, sell or trade their cars
• Consolidates the groups resources for greater efficiencies and expansion opportunities.

From humble beginnings the small startup has made significant strides in cementing its place as a strong and trusted competitor in the car buying and selling arena.

1 November 2023. Midstream, Centurion. Weelee, historically South Africa's fastest-growing online platform and now an established buying and selling business within the pre-owned motor industry, believes that strong competition within the used car market will be the catalyst for innovative solutions, competitive pricing, and enhanced customer service.

In a rapidly evolving economic climate marked by high interest rates, escalating fuel costs, and frequent power outages, consumer preferences have shifted. Prospective car buyers are now prioritizing value for money and convenience. Meanwhile, sellers are competing to access quality stock in the current high-demand landscape and to provide a genuine value retail offering to customers,� said Weelee CEO, Errol Levin.

As reported by credit bureau TransUnion, the combination of rising car prices and diminishing disposable income has led car owners to keep their vehicles for longer periods, resulting in a scarcity of high-quality pre-owned cars. This supply-demand imbalance has consequently driven used vehicle prices significantly above inflation rates, with three-year-old vehicles experiencing the most substantial price hikes.

Despite these challenges, digital marketplaces and vehicle bidding platforms are fundamentally transforming the dynamics of interactions between buyers and sellers within the pre-owned car market.

Levin emphasized that innovative large-scale car traders have identified the potential to provide a hybrid solution that caters to the needs of both buyers and sellers. Weelee, for instance, offers hybrid selling options for consumers through its online bidding platform or direct purchasing with instant payment.

Prospective buyers are also reaping the benefits of this business dynamic with the ability to purchase vehicles at wholesale prices or at prices that dealers would normally pay. Since launching their retail offering in 2023, Weelee has facilitated the sale of over 10,000 vehicles to South Africans at prices below the conventional retail rates.

In a noteworthy milestone, Weelee has helped over 100,000 South Africans sell their vehicles through its platform.

In a strategic move poised to reshape the landscape of the pre-owned car sector, Weelee will inaugurate a sprawling 40,000-square-meter Mega Warehouse in Midstream, Centurion, situated conveniently off the N1 highway on November 1st.

"Purchasing a pre-owned vehicle is often a deeply personal decision, and customers appreciate the opportunity to come to a place where service is a key differentiator. Customers need transparency regarding the history of the vehicle and the ability to make an educated choice from a variety of options.

Our Mega Warehouse, featuring over 1,000 vehicles on display at any given time, gives customers some creature comforts such as Plato coffee shop and a relaxed, welcoming environment but also offers a variety of finance options and expert advice.

At our Megastore they can simply sell their car, buy a car, or even trade their car. Its a one-stop shop, Levin added.

Weelees Mega Warehouse allows it to centralize its resources in a single location, leading to operational efficiencies and expansion opportunities. Value-added services such as wheel alignment, tyres, and aftermarket product fitment are seamlessly integrated into the premises, enhancing the overall customer experience.

• www.weelee.co.za
• Issued on behalf of Weelee.co.za
• Contact: Lisa Kalk, lisakalk@gmail.com, 0836750750