South Africa’s largest vehicle reseller, WeBuyCars plans to its boost monthly car sales by more than three quarters in the next five years by expanding its sales footprint across the country.

The company’s Chief Financial Officer Chris Rein told CNBC Africa’s Zanele Morrison that through a combination of organic growth and leveraging of technologies, the company hoped to almost double its market share to 23 percent from the current 12 percent.

Webuycars will be listed on April 11, completing an unbundling process its owners Transaction Capital hope will unlock value for its shareholders. In its pre-listing statement to the stock exchange the company said four month sales to the end of January rose 17 percent compared with a year ago.

WeBuyCars was started 36 years ago by brothers Faan and Dirk van der Walt. The company was acquired by Transaction Capital in 2020. It primarily trades used vehicles through its e-commerce platform and dealerships, which also offer funding and insurance. 

South African consumer spending has been hit by high interest rates and inflation, reducing demand for cars and white consumer goods. The country narrowly escaped a recession last year as transport bottlenecks and a severe shortage of power constrained economic activity, forcing the government to rope in the private sector to improve efficiencies at its ports and improve its rail network.