Motus and GetWorth team up in used-car business

Automotive group Motus has acquired a majority stake in GetWorth, an online pre-owned vehicle business.

With this acquisition, Motus hopes to fast track its positioning in the online and warehouse retailing segment, resulting in increased sales. Motus is one of SA’s largest dealer groups, with more than 345 dealerships across the country.

In recent years there has been a shift to consumers selling their cars to get the best value for their pre-owned vehicles, says Motus.

In the past buyers would purchase new cars from dealerships and then trade them in at the same dealership when buying a new car. These days consumers prefer to sell their cars first and then have the freedom and flexibility to shop for a new car, without the trade-in factor.

“The SA pre-owned vehicle market has experienced a huge shift to the sell-your-car market as consumers become more comfortable with the digital shopping experience,” says Corné Venter, CEO of Motus Retail and Rental SA.

“As such, Motus have been looking for the right solution with which to service this market. GetWorth is an attractive brand in this space and well differentiated. We believe that it can be easily scaled within the Motus group. In addition they demonstrated a great, proven online buying ability and an innovative culture.”

He says the acquisition of GetWorth will allow Motus to close the technology gap in quickly and accurately pricing cars.

One of GetWorth’s patented products is GetMore, which pays the motorist an upfront cash amount when they sell their car. 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.

“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.

Vehicle price offers made by GetWorth are based on live market data, not generic or assumed values, he says, meaning that consumers are receiving fair value based on what the market has to offer. GetWorth uses software and artificial intelligence (AI) to accurately price vehicles, using economic indicators, the repo rate and inflation.

The process of selling a vehicle with GetWorth involves clients loading their details online, after which they are sent a firm offer. If the client likes and accepts the offer, a team completes background checks and inspects the vehicle, either at GetWorth’s or the client’s premises. If all is in order, the seller receives immediate payment.

The GetWorth warehouse shopping space has been designed around an aspirational concept. The facilities include delivery areas, inspection bays and refreshments managed by a concierge.

There is one signature space in Cape Town, with plans for a second facility in Gauteng. Motus and GetWorth aim to open many facilities in the country in the next five years.