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01/07/2020

Vehicle Leasing Making An Impact

The Woodford Group, a locally-based, proudly South African company that has been in the vehicle rental and leasing business for 30 years is making an impact in the market with its new service offering.

WhyBuyCars is a real game changer in the South African vehicle market as more customers become savy in this market.

Currently, there has been a worldwide shift in consumer purchasing habits where people are considering leasing a viable alternative to purchasing a vehicle. In a nutshell the service offering allows a client to lease a vehicle for three to six months with the option of extension regardless of the customer's credit profile or credit rating.

One of the impacts of the global pandemic Covid-19 is to create a level of uncertainty in the vehicle market, which will persist in the next few months and possibly years to come. The volume of impaired credit rating and blacklistings has also increased and will continue to increase in their near future because of the impact on the economy of the Covid-19 outbreak.

However, for many South African's mobility is key for them to earn a living. The absence of an efficient public transport system compounds this problem for many people. Households are under increasing pressure to service their debt and monthly commitments are at an all-time high. Consequently, locking oneself into a long-term payment plan is currently not a viable option for customers.

WhyBuyCars means that driving a vehicle is more accessible and most importantly offers clients the flexibility to finance the asset. Clients pay a fixed monthly fee for the duration of the lease, which is not dependent on credit ratings or risk. There are also no onerous demands on clients when it comes to applying for finance and the terms from banks do not apply.

This model is applicable to anybody needing to access a vehicle. The initial target market was private individuals with no access to credit but a huge demand from the corporate sector is apparent. A disposal channel for vehicles is available wherein clients would full in an additional questionnaire on the platform and upload the
trade-in vehicle images and details. The vehicle is then assessed, and a reasonable offer is provided which is subject to inspection. Clients then have the option to have the proceeds paid out to them.

A range of vehicles are available depending on the client's needs and budget from three depots based at Johannesburg, Cape Town and Durban airports. These include a manual or auto Renault Kwid or Sandaro Stepway, a Toyota Corolla Quest, or a Nissan NP300. Two more models are shortly to be added to the range. These vehicles are all late 2019 or 2020 registered and undergo a comprehensive inspection prior to release.

The flat rate starts at a competitive R5000 per month, which includes monthly insurance payments, maintenance, tracking devices, free monthly kilometres as well as all taxes. The entire process of applying, approval and collecting a car is seamless with an expected turnaround time of 24 hours. A potential client must complete all their details online on the WhyBuyCars website. In order to qualify the applicant must be over 25 years of age, have a valid driver's licence, be employed, and earning more than R10 000.00 per month and to have the cash available to pay for the first month rental upfront.

For more information visit www.whybuycars.co.za

 Woodfords Vehicle Leasing Making An Impact.JPG
 Vehicle Leasing Making An Impact.pdf


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