Wesbank

Following the South African Reserve Bank’s (SARB) recent reduction of the repo rate by 25 basis points to 7%, many consumers are asking how interest rates practically impact car loans. Leading vehicle and asset finance provider, WesBank has stepped forward to unpack this relationship and what it means for both new and existing vehicle finance …

New vehicle sales blitzed through the 50,000-unit volume mark in July, a feat last achieved in March 2023. The positive performance continues 10 consecutive months of increased volumes, the most recent five months registering double-digit growth. July was the best sales month since October 2019, firmly re-establishing pre-COVID-19 levels and momentum in the market’s recovery. …

This week, WesBank, in partnership with FNB, hosted EVolution, a first-of-its-kind industry event aimed at empowering fleet operators in South Africa in their drive towards electric mobility. Held at the iconic Kyalami Grand Prix Circuit in Johannesburg, the event provided a platform for meaningful dialogue, highlighting key insights and addressing key considerations for businesses looking …

In a heartwarming moment in Demulani Village, Bushbuckridge, WesBank, in partnership with the Collen Mashawana Foundation, recently handed over a new, fully furnished four-room house to Surprise Khoza. For the 49-year-old father of two, who is wheelchair-bound, this new home is more than just bricks and mortar, it represents a reunion with his two children …

WesBank and GWM this week announced a significant update to their long-standing joint venture agreement, aimed at substantially reducing barriers to entry for South African car buyers looking to purchase any GWM vehicle. The innovative collaboration, a first-of-its-kind in South Africa, will enable increased value to clients through reduced pricing benefits by allowing WesBank and …

WesBank, in partnership with naamsa The Automotive Business Council, this week celebrated the successful completion of a one-year learnership programme by three exceptional graduates: Thabang Kalaka, Karabo Lebogo, and Owethu Mthabela. The programme, which ran from July 2024 to June 2025, underscores WesBank and naamsa’s unwavering commitment to advancing transformation and cultivating a diverse pipeline …

Fuel price increases at the pumps tonight will place more costs in South Africans’ mobility budgets, but it isn’t deterring them from buying new cars. According to data from naamsa | the Automotive Business Council, June’s new vehicle market grew for the ninth consecutive month to 47,294 vehicles, an increase of 18,7% compared to June …

For those eyeing that first set of wheels, whether it’s to cruise to your dream job or level up your side hustle, owning a car in Mzansi isn’t just about getting from A to B.  It’s a huge step towards Empowering Youth for Meaningful Economic Participation – the theme for this year’s Youth Month. Car …

South Africa’s economic landscape is challenging even the most resilient consumers. Recent years of high inflation and soaring interest rates, stagnant economic growth, rising fuel prices, and a weaker rand are putting tremendous pressure on household finances. To add to the squeeze, the cost of debt is climbing, and consumers’ creditworthiness is consistently deteriorating. According …

With eight consecutive months of growth, May new vehicle sales put any doubt of revitalised growth to bed, recording an impressive 22% growth in market activity year-on-year. New vehicle sales in May recorded their biggest growth since July 2022 – when the market grew 30,9% – when the market was still re-opening after the pandemic …

Buying a new or pre-owned car is a significant financial commitment, often in the form of an instalment sale contract that can span several years. While the allure of driving off in your dream car without making an upfront payment can be tempting, taking the time to save for a deposit can offer substantial long-term …

South Africa is widely regarded as a car-loving nation, often passionately loyal to certain brands and models. However, with the seemingly endless entry of new models, consumers have more choice than ever. As variety abounds and more buyers visit showrooms in search for their next set of wheels, WesBank encourages prospective customers to have a …

With school holidays underway and the Easter weekend fast approaching, many South Africans are preparing for road trips to reconnect with family and explore new destinations. To help ensure a smooth and stress-free journey, WesBank urges drivers to prioritise safety by planning ahead and making necessary vehicle checks before setting off. Pre-trip vehicle checklist A …

Prashanth Bisnath, WesBank National Head of Sales: Fleet Management & Leasing In fleet management, determining the optimal vehicle replacement cycle is a critical decision that directly impacts operational efficiency, safety, maintenance costs, and cash flow. With advancements in telematics and a global shift from ownership to usage-based leasing, fleet managers are re-evaluating traditional practices to …

The automotive landscape is shifting globally, and South Africa is no exception. The rise of New Energy Vehicles (NEVs) is driven by several factors, including environmental concerns and the call for cleaner transportation, fuel price volatility, stricter emission regulations, as well as advances in battery technology, electric motors and charging infrastructure. Understanding the NEV spectrum …

Excitement buzzed through the halls of Riverlea Secondary School this week as WesBank unveiled its FirstJob programme to eager Grade 12 learners from the classes of 2024 and 2025, building on the momentum of its Movers and Mentors initiative that was piloted with the school last year. Both initiatives demonstrate WesBank’s commitment to empowering South …

While new vehicle sales started the year in hopeful spirit, February sales gave even more reassurance that positive growth may be possible for the automotive industry this year. Cautious optimism in January became more cemented confidence in February, with sales up 7,3% in the first normal trading month. In addition, February sales capitalised on January …

WesBank, a leading vehicle and asset finance provider, today announced the formation of a strategic alliance with MG Motor South Africa, giving rise to MG Finance. This partnership aims to streamline the vehicle financing process and expand access to mobility solutions for South African consumers. MG Finance, a product of WesBank, aims to offer a …

South Africa is reported to have more than 50 automotive brands represented locally, with over 2,500 derivatives currently on sale. This number is set to grow as new brands are launched, ushering in new developments in vehicle technology and design that will entice many car owners to consider trading in their vehicles for newer models. …

New vehicle sales started the year in hopeful spirit, registering a significant 10,4% year-on-year growth according to data from naamsa | the Automotive Business Council. The positive outlook seemingly carries on momentum from fourth quarter 2024 sales but continues to face complex market dynamics. WesBank has forecast slow growth for SA’s new vehicle sales in …

South Africa’s agricultural sector stands at a pivotal moment. With production costs rising at an alarming 12.4% year-on-year, as reported by Statistics South Africa, farmers are grappling with the need to balance sustainability, profitability, and food security. At the UN Climate Change Conference (COP29), global leaders reinforced the urgency of transforming farming practices to adapt …

South Africa’s automotive sector faces a challenging road ahead in 2025. While recent interest rate cuts offer a glimmer of hope, persistent economic headwinds and inflationary pressures continue to dampen consumer confidence and hinder growth. A tug-of-war for market share The arrival of more Chinese automakers will intensify competition. Their aggressive pricing strategies and focus …