Inside WeBuyCars founders’ R800 million move
WeBuyCars founders Dirk van der Walt (L) and Faan van der Walt (R) have sold shares worth millions.
Image: Graphic: Nicola Mawson
WeBuyCars founders Faan and Dirk van der Walt have sold about R800 million worth of shares in the company.
This follows the company being fined R2.5 million, as well as being ordered to refund 31 consumers R3.4 million by the National Consumer Tribunal.
In addition, WeBuyCars ditched Dekra Automotive for vehicle condition reports, replacing it with its own subsidiary, Inspectify, in an attempt to provide clearer, more accurate information to customers.
Now, co-CEOs Faan and Dirk van der Walt have sold R866.4 million worth of shares in the company.
While the sale occurred shortly after the Tribunal’s fine and the Dekra Automotive move, WeBuyCars noted that the brothers, who founded the company in 2001, don’t intend to sell any other shares in the future.
“The directors remain fully committed to the company and will continue in their executive roles with an ongoing focus on delivering sustainable growth and long-term value for all shareholders,” WeBuyCars said.
In a statement to shareholders, the company said that the sale was “part of their personal investment diversification and estate planning”.
WeBuyCars added that “the disposal formed part of a considered process of portfolio management, rebalancing and diversification, particularly in light of the company's share price performance over an extended period, which had resulted in the directors' shareholding representing a disproportionately large portion of their personal wealth”.
Investors in the company have reaped a 198% increase in their investment in the used vehicle group in just under 18 months since its listing on the JSE in April 2024.
As of Tuesday morning, the price was 5.4% down on the day.
Following the sale, the founders and their associates still collectively hold 5.81% of the issued share capital and remain among the company’s five largest shareholders.
Late last year, WeBuyCars announced a dividend increase as it benefited from sustained demand in South Africa’s used car market.
Founded as a small, family-run operation in Pretoria, WeBuyCars was built by the Van der Walt brothers over two decades into a nationwide, high-volume used car marketplace.
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