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Read the WELCOME ALL BMWFANATICS post.
Webuycars changes
- Thread starter Kishore
- Start date
MLorgat
Member
They were already protected as they're registered as an auction house. So voetstoots was always the business model. Even with all their disclaimers, people are duped coz of their competitive prices. I've seen a few immaculate cars, but just couldn't pull the trigger knowing I might be buying someone else's problem.
They're gonna have to change the way they ''Buy cars''. Make the Criteria more stringent or something. I can't think it will be sustainable long-term.
They're gonna have to change the way they ''Buy cars''. Make the Criteria more stringent or something. I can't think it will be sustainable long-term.
How much longer wse talking? They been around since 2001 according to google
MLorgat
Member
Apparently the only reason they're able to buy cars the way they do is because they're washing dirty money (not hard to believe). SA taxi is a majority shareholder in WBC as well as another party which I need not mention.
They might have been around since 2001 but they only started scaling these past few years. (West pack was thriving until they started scaling and look how that turnd out. Fair price is another example as well)
TurboLlew
Honorary ///Member
Even with these changes, it is still as clear as mud to the average person.
Option to use View for You is good, but that is yet another thing to add to the long list of due diligence that is needed...
So you need to firstly either be a car person or take one along (which may have a cost), get the car inspected by view for you which is a cost, paying for a vindocs/similar report (again a cost), all your time to do this and then you still will likely have repairs or remediation before you can roadworthy the vehicle which may or may not end up being a bottomless pit as you delve into it. Let's not forget the exhorbitant personal-loan/credit card level of interest you're going to get with your Capitec loan which you'll be paying for long after the car has stopped working because you can't service it.
Dealer vs. WBC has become almost like AirBnB with a zillion charges and hidden things waiting for you at the end vs. just buying from a hotel with a higher 'sticker price' but you get what you pay for with associated service.
WBC has its place in the market and has always had its issues, but I am struggling to see how this actually solves any of them. It probably makes things worse the more I think about it.
The scale of the WBC operation allows them to survive bad purchases/deals. I have also noticed a very 'large' number of vehicles in the higher categories that show up on auction, sell and then are returned. In one case it was returned and remarked 'salvage' at a several hundred thousand rand difference. The buyer seems to have made some interesting discoveries. Make of that what you will. In all these cases (as well as probably dozens of cars I haven't noticed), WBC KEEPS YOUR AUCTION DEPOSIT when you reject the vehicle. If this happens for 15 cars per auction per day across their footprint (and I feel like this is much higher), that is nearly half a million in a week for literally doing nothing. Customer is happy they have an 'out' in terms of buyer's remorse or dodging a bullet. WBC has the means to 'shelve' the vehicle for a few weeks or months and pop it up again later (sometimes even at a higher start bid) and they make enough money to tide them over from bad purchases. Their space comes at virtually zero cost to them vs. a small dealer where every day on the floor has an inventory/opportunity cost to them. Scale is a helluva thing and we have not seen an operation of this kind before in SA.
It has been allowed to grow to this level because it is obviously serving a need - there is zero chance it is going anywhere. If everyone was a car savvy bargain hunter I would say their model would cease to be sustainable, but IMHO as long as people are broke and/or dumb (or at least unable to 'speak car') they will continue as they are.
Option to use View for You is good, but that is yet another thing to add to the long list of due diligence that is needed...
So you need to firstly either be a car person or take one along (which may have a cost), get the car inspected by view for you which is a cost, paying for a vindocs/similar report (again a cost), all your time to do this and then you still will likely have repairs or remediation before you can roadworthy the vehicle which may or may not end up being a bottomless pit as you delve into it. Let's not forget the exhorbitant personal-loan/credit card level of interest you're going to get with your Capitec loan which you'll be paying for long after the car has stopped working because you can't service it.
Dealer vs. WBC has become almost like AirBnB with a zillion charges and hidden things waiting for you at the end vs. just buying from a hotel with a higher 'sticker price' but you get what you pay for with associated service.
WBC has its place in the market and has always had its issues, but I am struggling to see how this actually solves any of them. It probably makes things worse the more I think about it.
The scale of the WBC operation allows them to survive bad purchases/deals. I have also noticed a very 'large' number of vehicles in the higher categories that show up on auction, sell and then are returned. In one case it was returned and remarked 'salvage' at a several hundred thousand rand difference. The buyer seems to have made some interesting discoveries. Make of that what you will. In all these cases (as well as probably dozens of cars I haven't noticed), WBC KEEPS YOUR AUCTION DEPOSIT when you reject the vehicle. If this happens for 15 cars per auction per day across their footprint (and I feel like this is much higher), that is nearly half a million in a week for literally doing nothing. Customer is happy they have an 'out' in terms of buyer's remorse or dodging a bullet. WBC has the means to 'shelve' the vehicle for a few weeks or months and pop it up again later (sometimes even at a higher start bid) and they make enough money to tide them over from bad purchases. Their space comes at virtually zero cost to them vs. a small dealer where every day on the floor has an inventory/opportunity cost to them. Scale is a helluva thing and we have not seen an operation of this kind before in SA.
It has been allowed to grow to this level because it is obviously serving a need - there is zero chance it is going anywhere. If everyone was a car savvy bargain hunter I would say their model would cease to be sustainable, but IMHO as long as people are broke and/or dumb (or at least unable to 'speak car') they will continue as they are.
GravityLee
Well-known member
Is View 4 You a wholly owned subsidiary of WBC 😂
MR_Y
Well-known member
///M Individual
Well-known member
TurboLlew
Honorary ///Member
I am wondering how much it will actually impact them since most of these cars will still have to undergo a full roadworthy and they are scattered all across the country. They are also making money off the 'voucher referrals'. I bought a gold vehicle and it is a 'free' roadworthy as long as it passes. For me this was not an issue because I could eg: buy tyres and sort out some minor issues if requried. There is no doubt in my mind that many 'gold' vehicles (which they used to say 'SHOULD' pass but also don't give a RWC) will not pass or may take months to remediate with the owner's resources. At that point the buyer would likely go back to that same Dekra branch and pay up.
Again, like the Capitec link - I feel this is bordering on predatory behaviour knowing this is the pattern that will occur... but at the same time, everyone seems to want it so such is life. All parties are betting on the majority of buyers (obviously not all) having low standards, being financially illiterate and not mechanically savvy. It really is what it is at this point.
They still seem to be using Dekra as the 'agent' for the inspections for most of the cars - including new arrivals. It is probably centre-specific at this point. They are just no longer advertising that it is Dekra and trying to simplify the reporting. Maybe they no longer have an exclusive arrangement or Dekra are the ones that wanted to avoid the association of specifcally being called out as "Dekra-something". It had become an anti-endorsement especially in the last few months where reports are getting looser and looser.
If they are still using Dekra as the 'agent' for the inspections for most of the cars, then Dekra will be ok. Especially the volume they churn through
Webuycars probably had the best intentions of getting into a relationship with Dekra in the first place, for transparency with buyers on the condition of the vehicles.
Lets face it, Dekra reports meant nothing to buyers at WBC because their reports are shit. Buyers used the shitty reports to fight WBC, understandably. I guess this is why the relationship ended.
Lets face it, Dekra reports meant nothing to buyers at WBC because their reports are shit. Buyers used the shitty reports to fight WBC, understandably. I guess this is why the relationship ended.
I know the founders of WBC (been flipping cars since the late 80's actually), i also have very close ties to the legal council for SA Taxi. You are talking utter bullshit.
MLorgat
Member
i happen to personally know an unnamed party which have a significant stake in WBC through a "shell". So basing my "assumption" on that. Hence why I said "apparently".
DId you know that in 2021 49% of WBC were sold and then increased to around 75% in 2024? So the original owners aren't really the owners anymore
TurboLlew
Honorary ///Member
I think both of you can be partially correct but there is a lot of 'hearsay' out there in SA these days. It doesn't help that a whole host of shadow entities and influence is at play. The day to day operations probably don't even know they are part of potentially shadier activities - and I've worked for listed companies that are basically the mafia
but I digress...This is just the default thing that people say in SA these days and depending on how big the entity or person is, it may begin to stick in terms of perception (regardless of accuracy). There was a video the other day which I happened to be in, and so I delved into the comments. They were all about freemasons, Illuminati, satan worshippers, not going to church, dodging tax and all being white (Spoiler alert: no race was excluded and there was more than a few "representatives" of each LOL)
Then also in the same thread where people were talking about SARS not coming for us because of the imagined colour of our skins, there is talk of BEE and Tenders and how 9-5s can't pay for those sorts of things, yet all the people in that vid either have long-established businesses or indeed work 9-5s albeit at higher levels or have simply been lucky in life- sometimes there just is no reason other than 'winning a lottery' be it the actual lottery, the genetic lottery or being born into a family with means and capitalising on it.When people don't have things they find ways of rationalising why they don't or otherwise engaging in character assassination. Likewise when they have failed at something and you/someone else has succeeded - you must be performing black magic or engaging in some kind of corruption.
Not to say there are not parts of the industry and especially higher end dealers that absolutely are involved in 'cleaning money' but they are not operating in this kind of space or at that kind of scale...
Yep. Hence the word founders and not the word owners.
It is now listed if i recall correctly meaning anyone can own some shares in it via any means they wish to procure the shares. Doesn't mean they have any influence at the company.
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