The firm believes the second-hand vehicle business will thrive in a post-Covid world
The firm was able to increase its WeBuyCars shareholding, Hurwitz says, because of the finance group’s strong balance sheets and because its other businesses managed to dodge many of Covid-19’s blows., for example, recovered very quickly as lockdowns were lifted and the economy reopened. “Consumer movement and consumer mobility precedes any economic activity. So as people had to move to work, the minibus taxi industry was the beneficiary. It shows how resilient the industry is,” Hurwitz noted.
“South African consumers are under huge affordability constraints. They can’t repay their loans. Banks and retailers have higher levels of non-performing loan portfolios than ever before. And we are kind of well positioned to assist them in collecting on those portfolios,” Hurwitz explained., said Transaction Capital’s defensive businesses allowed it to generate a steady stream of revenue, even in a downturn. “Their business model will allow them to continue to grow,” Mthombeni said.
“This steady growth has been achieved despite the segment being fragmented and inefficient, characterised by low levels of consumer trust,” Transaction Capital said.
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