WeBuyCars
WeBuyCars is South Africa’s largest used-car marketplace, founded in 2001 in Centurion by Faan and Dirk van der Walt. The company operates approximately 129 branches with 3,600 employees, processing around 15,000 vehicles per month. It listed independently on the JSE in April 2024 following a demerger from Transaction Capital, which had acquired 49.9% of the business in 2020 (later increased to 74.9% for an additional R1.6 billion). Current market capitalisation is approximately R18 billion. The physical retail showroom infrastructure was built by Atterbury Property, reflecting the decade-long commercial relationship between the brothers and Louis van der Watt.
The WeBuyCars share sale is the most scrutinised transaction surrounding the AttBid Proprietary Limited offer for RMH Holdings. On 2 February 2026, Faan and Dirk van der Walt sold R866.4 million in WeBuyCars shares, causing the stock price to fall from R52.85 to R44.00 and erasing approximately R3.7 billion in market capitalisation. Seven days later, on 9 February 2026, AttBid announced its intention to make a mandatory offer for RMH. WeBuyCars and the brothers dismissed speculation linking the two events, stating the share sale was “personal investment diversification and estate planning” committed to “long before” the acquisition announcement. Following all disposals, the brothers hold approximately 5.81% of WeBuyCars’ issued capital.
A separate regulatory concern involves Dirk van der Walt’s purchase of 450,000 WeBuyCars shares on 20 November 2025 — two days after RMH’s cautionary announcement regarding the potential acquisition. He subsequently disposed of approximately R433 million in WBC shares in early February 2026, three days before the formal AttBid announcement on 8 April 2026. The sequence — cautionary announcement, insider share purchase, large disposal — sits squarely in the window covered by the Financial Sector Conduct Authority’s market-abuse framework. As of April 2026, no public FSCA announcement regarding any inquiry being opened or closed has been made.
Fledge Capital, Louis van der Watt’s vehicle, held 31.5% of WeBuyCars before the April 2024 JSE listing — providing the financial and reputational connection that underpins the passive-capital trust in the AttBid structure.
Ontology Faan and Dirk van der Walt [relates] WeBuyCars WeBuyCars [relates] Fledge Capital WeBuyCars [relates] AttBid Proprietary Limited Louis van der Watt [relates] WeBuyCars WeBuyCars [relates] Transaction Capital
Connections
- Faan and Dirk van der Walt — co-founders; sold R866m in shares to fund AttBid stake
- Fledge Capital — Louis van der Watt’s vehicle; held 31.5% pre-listing
- Louis van der Watt — via Fledge Capital; built WBC showrooms through Atterbury
- AttBid Proprietary Limited — funded partly by WBC share proceeds
- Transaction Capital — major pre-listing investor (acquired 74.9% stake)
- Atterbury Property — built WBC retail infrastructure