South Africans will soon be able to sell their used car within 45 minutes for “a fair price” – paperwork included – pledges Sujay Tyle, CEO and co-founder of Frontier Car Group (FCG).
JSE-listed Naspers recently invested R1.1 billion ($89m) in the German-headquartered FCG.
“Consumers will be able to bring in their vehicles to our numerous inspection stations across the country and sell their vehicles within 45 minutes,” Tyle tells Business Insider South Africa.
“Fleet owners, similarly can offload their entire fleet of vehicles through us with the same service.”
Tyle says dealers will be able to participate in an auction on phone or a computer to purchase these vehicles, even if they are located in a different city.
“When they purchase the vehicles, they can be offered financing, insurance, and ancillary services to aid them in their purchase and resale,” he says.
The service will be launched in South Africa in the next four to eight months under a yet-unnamed brand. It will be based on similar successful FCG services in Mexico (VendeTuAuto.com) and Indonesia (BeliMobilGue).
Naspers’ cash injection brings the total amount raised by FCG this year to R2.1 billion ($170m). The company is currently valued at about R3.3 billion ($270m).
Tyle says FCG expects to sell over R3.1 billion ($250m) of cars in 2018, excluding South Africa.
“We, however, expect to sell several thousand cars in the first year post-launch in South Africa.”
The service will be launching in Cape Town and Johannesburg, with plans to expand rapidly to cities such as Durban and Pretoria within the first six months.
* Business Insider South Africa is owned by 24.com, a division of Media24, a Naspers company.