WeBuyCars races in the fast lane
Investors are piling in to the used car dealer, which has found a sweet spot in the market with its high-volume, low-margin model
WeBuyCars, South Africa’s largest second-hand vehicle trader, cemented its status as the best-performing stock on the JSE in 2024. Since its listing in April 2024, its share price has risen about 120%. The company has surpassed expectations, delivering a 16.5% increase in full-year revenue and a 23.4% rise in core headline earnings to R815.4m.
At the company’s first AGM since listing, held last week, executives laid out an ambitious road map for expansion while addressing industry challenges. Investors remain bullish, with analysts calling WeBuyCars a rare consumer-facing success story in a volatile economy. “In a bit of a dampened market, we have performed well, so we’re very happy with our results,” CEO Faan van der Walt said at the AGM...
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