According to data released by naamsa | The Automotive Business Council, the South African new vehicle market declined 4,9% in August, but WesBank CEO Ghana Msibi remains optimistic for a slow recovery. “The worst is behind us,” said Msibi at the 2024 Festival of Motoring over the weekend. “What lies ahead is the start of the road to recovery: not robust growth in the initial phase, but rather shallow gains in certain pockets.” With pending cuts in US Federal Reserve Rates, indebted South African consumers will be hopeful for a cut in interest rates when the Monetary Portfolio Committee meets in September. “It is safe to assume that prospective buyers may have delayed their purchase decision during August in the hope of an interest rate cut in September,” says Lebogang Gaoaketse, Head of Marketing and Communication at WesBank. Watch the video to find out more about what happened in the motor industry last month.
WesBank
Financial Services
Johannesburg, Gauteng 87,154 followers
We are a vehicle & asset finance solutions provider, helping South Africans achieve personal & business dreams & goals.
About us
Welcome to the official World of WesBank community on LinkedIn. This page is dedicated to professionals and companies that are passionate about the fast-paced movements in vehicle asset finance industry. WesBank has changed and evolved over four decades to become the leading destination for individuals and businesses who need expert advice on asset finance. Today, WesBank focuses on putting customers first, offering innovative, tailor-made finance solutions, and providing quality service to all clients based on their needs. WesBank's history of innovations includes offering the first dealer floor finance centres, which led to the establishment of today’s Finance and Insurance models used at all dealerships. Consumers now enjoy the benefits of modern solutions such as iContract, which allows them to sign vehicle finance contracts digitally. Corporate customers can also take advantage of WesBank’s innovative joint venture partnerships with major commercial vehicle brands and suppliers of specialised commercial equipment, with corporate finance available through a simple online application form. Innovation is also part of what has driven WesBank’s success, which has seen it being rated the number one vehicle and asset finance provider, in the annual Price Waterhouse Coopers Banking Peer Review survey – an award that WesBank has won nine consecutive times. We have also been acknowledged for our efforts in educating consumers on how to better manage their debt, by being the people’s choice award at the DebtFree Awards for the second consecutive year. We can help you to finance and insure: your cars, planes, caravans, trailers, jet skis, business generators, commercial and company vehicles, plant and office equipment, and even your franchise. While WesBank started out as a financier focused on vehicles and consumers, it is dynamic and has diversified. Today it offers its expertise to end-users, corporate markets and business partners.
- Website
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http://www.wesbank.co.za
External link for WesBank
- Industry
- Financial Services
- Company size
- 1,001-5,000 employees
- Headquarters
- Johannesburg, Gauteng
- Type
- Public Company
- Specialties
- Asset Finance, Business Asset Finance, Fleet Management, Insurance, and Vehicle Finance
Locations
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Primary
Get directions
1 Enterprise Road
Fairland
Johannesburg, Gauteng, ZA
Employees at WesBank
Updates
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At the opening of the 2024 Festival of Motoring, WesBank CEO Ghana Msibi underscored the resilience of South Africa's people, economy, and the motor industry in the face of significant challenges. He noted a glimmer of hope as consumer confidence begins to stabilise and more affordable vehicle options enter the market, marking the early signs of recovery. Ghana emphasised WesBank's unwavering commitment to democratising access to mobility during these tough times. He highlighted that WesBank's role extends beyond vehicle financing, supporting customers throughout their entire ownership journey. As the automotive landscape continues to evolve, WesBank's ability to adapt and lead will be instrumental in shaping the future of mobility in South Africa. The 2024 Festival of Motoring is a testament to this resilience and the exciting developments ahead.
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More insights on the shift towards electric vehicles in South Africa from WesBank CEO, Ghana Msibi. Did you know that while EV adoption is rising, plug-in hybrids still dominate the market? Come experience some of the latest launches at #FestivalofMotoring, this weekend. #CelebratingCarCulture #WesBank #FOM2024 #WesBankCarLove #ElectricVehicles
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Tune into @UMhlobo Wenene this Friday, 23 August at 07:53am as WesBank’s Area Sales Manager - Northern Region, Nomgcobo Salukazana discusses Debt Review and all you need to know to make informed decisions! #WesBank #Fundimali #CarBuyingTips #WesBankCares #FinancialLiteracy
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As Women's Month rolls on, we continue to celebrate change and progress. We are inspired by our dynamic women who are leading the way in the automotive industry. Their presence and impact are driving us towards a future where leadership knows no boundaries. #WomensDay2024 #WesBank Junior Shabangu (Duma)
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In an insightful interview with Top Gear South Africa, WesBank CEO Ghana Msibi shares his take on the adoption of electric vehicles in SA, the impact of price points, and much more. Join us at the 2024 Festival of Motoring to explore this exciting shift in new energy vehicles up close! Watch the full video on our YouTube channel: https://lnkd.in/eJT8mWkK #CelebratingCarCulture #WesBank #FOM2024 #WesBankCarLove #ElectricVehicles
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This Tuesday, 13 August, tune into Lesedi FM at 7:40 AM as WesBank’s Head of Marketing, Lebogang Gaoaketse discusses all you need to know about Debt Review! #WesBank #Fundimali #CarBuyingTips #WesBankCares #FinancialLiteracy
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At WesBank, we're empowering progressive growth where leadership knows no boundaries. This Women's Day, we celebrate those who inspire change & progress. Together, we're moving towards a world where leadership is as diverse as the women who inspire it. #WomensDay2024 #WesBank Khantse Radebe CA(SA), MBA
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Ghana Msibi, CEO of WesBank, discusses the significant impact Chinese car brands are expected to have on the South African vehicle market over the next 5 years. Watch the full interview where he also shares insights on the future of the South African motor industry, NEVs and more: https://lnkd.in/eCbHKdPB #WesBank #MotorIndustry #AutoTrends