WeBuyCars founders sell R866m of group shares to diversify family wealth

The Van der Walt brothers, who founded second-hand vehicle dealership WeBuyCars, have sold about R866m of the group’s shares, two years after taking the company public. The company, worth about R19bn on the JSE, said on Monday that the brothers do not intend to sell any further shares in the near future. “The disposal formed part of a considered process of portfolio management, rebalancing and diversification, particularly in light of the company’s share price performance over an extended period, which had resulted in the directors’ shareholding representing a disproportionately large portion of their personal wealth,” the company said.

The brothers and entities linked to them now hold about 5.81% of the company’s shares. WeBuyCars assured the market the brothers are still committed to the group. “The directors remain fully committed to the company and will continue in their executive roles with an ongoing focus on delivering sustainable growth and long-term value for all shareholders.

Together, they remain among the top five of the company’s shareholders.” WeBuyCars, was founded by brothers Faan and Dirk van der Walt in 2021. The company listed on the JSE in April 2024 with a share price of R18.75. The surge in the company’s market value has seen the share price reach R47 on Monday.

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Faan serves as the group’s CEO while Dirk is an executive director. The company has seen exponential growth over the past three decades, with its website averaging 7-million monthly visits with 2.3-million unique visitors. The group continues to gain market share with sales volumes surpassing 16,000 units per month.

The group has set a target of buying and selling 23,000 vehicles a month by 2028 — a lofty target that Coronation Fund Managers believes it might well surpass. Coronationlast year said WeBuyCars had the potential to capture as much as 40% of the secondhand vehicle market over the long term, putting it in the same league as scaled disruptors such as Discovery Health, Clicks and Capitec.

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