When Naspers tried to buy WeBuyCars four years ago, it was blocked by the competition authorities on the unusual basis that it had uncovered evidence that the deal could prevent competition from a rival car platform that Naspers had yet to create.

Transaction Capital bought WeBuyCars instead. This week it reported explosive earnings growth from the used-car trading platform, which is now the market leader and is benefiting big time from a jump in first-time buyers and a shift from new to used cars...

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