1 00:00:00,320 --> 00:00:02,559 Speaker 1: Seven not two. Let's walk the talk. 2 00:00:02,800 --> 00:00:09,360 Speaker 2: One nineteen two point seven and one O six FM. 3 00:00:07,440 --> 00:00:10,239 Speaker 1: Still in their South Africa Investment Conference coming to life 4 00:00:10,240 --> 00:00:13,960 Speaker 1: from the Sentence Convention Center buzz with activity. The President 5 00:00:13,960 --> 00:00:17,640 Speaker 1: has just given a keynote address to open the conference 6 00:00:17,720 --> 00:00:20,840 Speaker 1: officially and there will be some remarks that follow that. 7 00:00:21,200 --> 00:00:25,440 Speaker 1: But on the sidelines we are speaking to various individuals, companies, 8 00:00:25,640 --> 00:00:29,640 Speaker 1: entities that are also here to try to get much 9 00:00:29,720 --> 00:00:33,440 Speaker 1: from this conference, to add value, to position South Africa 10 00:00:33,520 --> 00:00:38,839 Speaker 1: favorably and hopefully to also get investments from for themselves 11 00:00:38,960 --> 00:00:43,239 Speaker 1: as well. George Mini is my guest. He's CEO of 12 00:00:43,360 --> 00:00:47,559 Speaker 1: Auto Trader. I've pulled George from his activities just to 13 00:00:47,640 --> 00:00:51,800 Speaker 1: try to get his insights on the conference. What does 14 00:00:51,840 --> 00:00:53,920 Speaker 1: it mean? And I'm sure you know Auto Trada very 15 00:00:53,960 --> 00:00:56,360 Speaker 1: well and why are they here? George, welcome, good morning. 16 00:00:56,360 --> 00:00:58,080 Speaker 1: I hope you good, very good to be with seven 17 00:00:58,160 --> 00:00:59,720 Speaker 1: or two again. What are you guys doing here as 18 00:00:59,720 --> 00:01:00,400 Speaker 1: Auto Trader? 19 00:01:01,200 --> 00:01:05,480 Speaker 2: So we're part of the NASPATS process group and part 20 00:01:05,480 --> 00:01:10,959 Speaker 2: of the ecosystem implementing artificial intelligence across South Africa within 21 00:01:11,000 --> 00:01:14,319 Speaker 2: our platform and within our ecosystem. So it's very exciting 22 00:01:14,400 --> 00:01:18,280 Speaker 2: to see what South Africa is doing and the investment 23 00:01:18,400 --> 00:01:19,840 Speaker 2: that businesses are making. 24 00:01:20,280 --> 00:01:23,399 Speaker 1: And of course in the value chain of manufacturer, and 25 00:01:23,440 --> 00:01:26,759 Speaker 1: you play a role because you then present the finished 26 00:01:26,760 --> 00:01:30,640 Speaker 1: product to the end consumer. So yours is also a 27 00:01:30,760 --> 00:01:34,760 Speaker 1: very important part in the ecosystem of the KI and 28 00:01:34,880 --> 00:01:35,959 Speaker 1: manufacture in business. 29 00:01:36,160 --> 00:01:39,560 Speaker 2: Yes, as a digital marketplace, we bring the consumer to 30 00:01:40,000 --> 00:01:44,640 Speaker 2: the cars that are available for sale across fifty six 31 00:01:44,920 --> 00:01:47,800 Speaker 2: more than fifty six brands in South Africa. We represent 32 00:01:47,840 --> 00:01:51,320 Speaker 2: all brands of cars in South Africa and so we 33 00:01:51,360 --> 00:01:54,240 Speaker 2: amass the consumer onto our platform give them a single 34 00:01:54,280 --> 00:01:57,240 Speaker 2: destination in order to find the car of their dreams 35 00:01:57,280 --> 00:01:58,720 Speaker 2: and to create possibility. 36 00:01:59,160 --> 00:02:04,040 Speaker 1: That's far your impressions judge off the conference and what 37 00:02:04,080 --> 00:02:06,880 Speaker 1: are you aiming to get? What did you get thus far? 38 00:02:07,040 --> 00:02:11,680 Speaker 2: Your impressions, Well, so far we've mainly listened to the 39 00:02:11,720 --> 00:02:15,840 Speaker 2: President's address, which was inspiring in that there seems to 40 00:02:15,880 --> 00:02:19,560 Speaker 2: be a lot of plan for investment. But more importantly, 41 00:02:19,600 --> 00:02:23,560 Speaker 2: I think he spoke about action and execution and laid 42 00:02:23,560 --> 00:02:27,280 Speaker 2: out a couple of areas that we've already executed in 43 00:02:28,160 --> 00:02:31,519 Speaker 2: because plans are one thing, execution is really where the 44 00:02:31,600 --> 00:02:32,160 Speaker 2: rubber heads the. 45 00:02:32,200 --> 00:02:37,639 Speaker 1: Road and investment opportunities for entities such as yourself here 46 00:02:38,919 --> 00:02:40,200 Speaker 1: investment opportunities. 47 00:02:40,560 --> 00:02:44,680 Speaker 2: You know, investment follows capability, So the more capability the 48 00:02:44,720 --> 00:02:49,000 Speaker 2: country gets and the more talent we attract, the more 49 00:02:49,040 --> 00:02:52,720 Speaker 2: the country and its businesses can invest in various forms 50 00:02:52,840 --> 00:02:58,400 Speaker 2: of things that make the consumers' lives easier. And that's 51 00:02:58,440 --> 00:03:00,880 Speaker 2: our job. Our job is to make the consumers life 52 00:03:00,919 --> 00:03:04,680 Speaker 2: easier in searching for the next car, create transparency on 53 00:03:04,680 --> 00:03:09,800 Speaker 2: our platform, help buyers and sellers to really assess at 54 00:03:09,840 --> 00:03:13,240 Speaker 2: the comfort of their own home what their next car is. 55 00:03:13,440 --> 00:03:17,360 Speaker 2: And that capability is exciting to see because if talent 56 00:03:17,400 --> 00:03:21,160 Speaker 2: comes into the country through investment, not only in our sector, 57 00:03:22,080 --> 00:03:23,040 Speaker 2: we can leverage on that. 58 00:03:23,520 --> 00:03:26,200 Speaker 1: And I'm wondering how your sector is doing, because i 59 00:03:26,240 --> 00:03:30,639 Speaker 1: know in twenty twenty five, almost six hundred thousand new 60 00:03:30,760 --> 00:03:34,000 Speaker 1: vehicles were sold in South Africa and that was a 61 00:03:34,120 --> 00:03:38,920 Speaker 1: very interesting increase of over fifteen percent. And I'm wondering 62 00:03:38,960 --> 00:03:41,280 Speaker 1: We've been going through some tough times and I'm wondering 63 00:03:41,400 --> 00:03:45,480 Speaker 1: if there has that has grown that has declined the appetite. 64 00:03:45,720 --> 00:03:48,760 Speaker 1: But most important, more than the appetite, the pockets of 65 00:03:48,840 --> 00:03:52,600 Speaker 1: the consumers has been affected by that. Now diesel and 66 00:03:52,640 --> 00:03:56,119 Speaker 1: fuel generally, we battling with that. How are you affected 67 00:03:56,160 --> 00:03:57,520 Speaker 1: as an industry. 68 00:03:57,800 --> 00:04:01,720 Speaker 2: So as a marketplace platform and in the country that 69 00:04:01,760 --> 00:04:04,120 Speaker 2: we operate in. You know, if I can predicate this 70 00:04:04,240 --> 00:04:07,040 Speaker 2: on the fact that South Africa is a car faring 71 00:04:07,120 --> 00:04:12,040 Speaker 2: nation because the transport infrastructure isn't quite where Europe and 72 00:04:12,080 --> 00:04:16,279 Speaker 2: America is. South Africans have to drive cars, we want 73 00:04:16,279 --> 00:04:19,160 Speaker 2: to drive cars. We've also seven times the size of 74 00:04:19,160 --> 00:04:21,680 Speaker 2: the UK in terms of land mass, so our destinations 75 00:04:21,680 --> 00:04:25,320 Speaker 2: are far apart. So the motoring public is part of 76 00:04:25,360 --> 00:04:29,440 Speaker 2: our ethos, it's part of our DNA, and so South 77 00:04:29,480 --> 00:04:34,080 Speaker 2: Africa when it comes to motor vehicles, thrives through any 78 00:04:34,120 --> 00:04:37,120 Speaker 2: part of the economy. So if I touch on the 79 00:04:37,160 --> 00:04:40,719 Speaker 2: economy itself and the automotive economy in South Africa, we've 80 00:04:40,720 --> 00:04:43,280 Speaker 2: seen the diesel price and the petrol price rise sharply 81 00:04:43,320 --> 00:04:45,880 Speaker 2: over the last couple of weeks. What we've seen on 82 00:04:45,920 --> 00:04:49,680 Speaker 2: our platform is a sharp decline in searches for diesel 83 00:04:50,040 --> 00:04:52,520 Speaker 2: powered vehicles. As a matter of fact, it's declined by 84 00:04:52,560 --> 00:04:55,200 Speaker 2: twelve percent first time, first time in probably half a 85 00:04:55,240 --> 00:05:00,440 Speaker 2: decade where the searches for diesel vehicles have declined, but 86 00:05:01,560 --> 00:05:04,760 Speaker 2: consumers haven't declined in their searches entirely because that has 87 00:05:04,800 --> 00:05:09,279 Speaker 2: been taken up by an increase in searchers for electric vehicles. 88 00:05:09,920 --> 00:05:12,840 Speaker 2: Electric vehicle searches have increased by forty five percent over 89 00:05:12,839 --> 00:05:16,080 Speaker 2: the last four weeks, and searches for hybrid vehicles have 90 00:05:16,240 --> 00:05:19,480 Speaker 2: increased by sixteen percent over the last four weeks. So 91 00:05:19,960 --> 00:05:22,520 Speaker 2: you can see that the South African consumer is pretty resilient. 92 00:05:23,480 --> 00:05:27,000 Speaker 2: You know, when prices of new cars go up, consumers 93 00:05:27,120 --> 00:05:29,920 Speaker 2: switched to buying used cars, and the used car market 94 00:05:30,000 --> 00:05:32,359 Speaker 2: is two times bigger than the new car market in 95 00:05:32,400 --> 00:05:33,919 Speaker 2: terms of sales in South Africa. 96 00:05:34,120 --> 00:05:37,279 Speaker 1: Let's talk about the used car market because that's also 97 00:05:37,400 --> 00:05:41,000 Speaker 1: very lucrative and it can be explosive at times. Over 98 00:05:41,080 --> 00:05:44,640 Speaker 1: three hundred and thirty thousand vehicles used vehicles were sold 99 00:05:44,640 --> 00:05:48,480 Speaker 1: in South Africa twenty twenty five. Do people just generally, 100 00:05:48,839 --> 00:05:52,040 Speaker 1: does it mean that there is confidence in their pre 101 00:05:52,240 --> 00:05:53,960 Speaker 1: loved cars industry? 102 00:05:54,040 --> 00:05:58,640 Speaker 2: As you would say, This is not isolated to South Africa. 103 00:05:59,279 --> 00:06:02,960 Speaker 2: Around the world, the used car market is anywhere between 104 00:06:02,960 --> 00:06:05,520 Speaker 2: one point five and three times bigger than the new 105 00:06:05,560 --> 00:06:07,760 Speaker 2: car market in terms of in terms of sales. Everybody 106 00:06:07,800 --> 00:06:10,520 Speaker 2: wants a new car, the new car smell. You know, 107 00:06:10,560 --> 00:06:12,599 Speaker 2: you want to drive that off the showroom floor. But 108 00:06:12,720 --> 00:06:15,560 Speaker 2: quite often you can get a higher spect vehicle in 109 00:06:16,080 --> 00:06:18,560 Speaker 2: a pre loved or second end vehicle for the same 110 00:06:18,640 --> 00:06:21,840 Speaker 2: money as you would buy a brand new vehicle. And 111 00:06:22,080 --> 00:06:25,239 Speaker 2: that's also been impacted by the imports of Chinese vehicles. 112 00:06:25,520 --> 00:06:28,320 Speaker 2: Chinese vehicles in South Africa have really hit the value 113 00:06:28,360 --> 00:06:31,479 Speaker 2: suite spot when it comes to value for money for 114 00:06:31,560 --> 00:06:34,320 Speaker 2: the consumer. They build cars that are eighty to ninety 115 00:06:34,320 --> 00:06:37,760 Speaker 2: percent the build quality of the European vehicles at about 116 00:06:37,800 --> 00:06:41,440 Speaker 2: sixty percent of the price, and consumers today are very 117 00:06:41,480 --> 00:06:45,240 Speaker 2: pragmatic buyers. And because of the investment by process and 118 00:06:45,320 --> 00:06:51,080 Speaker 2: asparas into businesses like Order Trader, we're able to highlight 119 00:06:51,160 --> 00:06:55,200 Speaker 2: that value to the consumer in terms of the price 120 00:06:55,240 --> 00:06:59,640 Speaker 2: to value and so we are really a pragmatic platform, 121 00:07:00,120 --> 00:07:04,159 Speaker 2: agnostic platform and we serve all brands of shopers in 122 00:07:04,200 --> 00:07:04,919 Speaker 2: South Africa. 123 00:07:05,000 --> 00:07:06,840 Speaker 1: George, it's been a pleasure talking to you, and I'm 124 00:07:06,880 --> 00:07:09,880 Speaker 1: hoping that you'll visit our studios and we'll have a 125 00:07:10,040 --> 00:07:12,520 Speaker 1: very long chat because there's just so much to usk 126 00:07:12,600 --> 00:07:15,320 Speaker 1: around that it's not just the buying about buying cars. 127 00:07:15,640 --> 00:07:18,960 Speaker 1: There are other elements of the ecosystem in the business 128 00:07:19,000 --> 00:07:21,040 Speaker 1: that you're in, and I wish you the best in 129 00:07:21,080 --> 00:07:23,800 Speaker 1: this conference and all the best too, Thank you very much. 130 00:07:23,920 --> 00:07:27,080 Speaker 1: George Mannie CEO of Auto Trader. We are at South 131 00:07:27,080 --> 00:07:29,720 Speaker 1: Africa Investment Conference twenty twenty six.