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 GWM to jointly manage risk.
This strategic enhancement builds upon WesBank’s existing joint venture with GWM, established in 2017. Through GWM Financial Services, customers already benefit from WesBank’s innovative financial solutions, strong customer focus, and comprehensive end-to-end service, simplifying the vehicle purchasing journey. The agreement also provides crucial floorplan financing, empowering GWM Motor dealers to efficiently stock both new and used vehicles.
Richard Pampel, WesBank CFO, said: “This new agreement is a game-changer for vehicle finance in South Africa. It enables WesBank to truly liberalise vehicle finance and significantly aid affordability for GWM customers. By collaboratively managing risk, we can reduce the total cost of credit and the monthly instalment without needing traditional tools such as increasing the loan term, making vehicle ownership more accessible than ever before.”
The enhanced agreement is set to further augment GWM’s compelling value-for-money proposition, solidifying its position among South Africa’s best-selling automotive brands.
Kevin Li, Managing Director of GWM South Africa, said: “This new agreement and its direct benefits to the customer will undoubtedly strengthen our appeal in the South African market. It reinforces our commitment to providing accessible, high-quality vehicles and will build on our recent successes.”
The announcement follows GWM’s strong performance at the recent NADA Dealer Satisfaction Index (DSI) Awards, where the brand won a Gold award and was also recognised as the Most Improved brand in the Passenger/LCV category. The updated joint venture agreement is expected to build on this momentum, further empowering GWM’s growth and customer satisfaction in South Africa.
