Industrial conglomerate Bidvest has announced an expansion of its automotive division with a second-hand vehicle brand to be launched in April, in a move to bring scale and diversity to the unit.
“We want to start hunting in the 75% of the used-vehicle market where we are not represented.” Madisa said that second-hand vehicle prices were softening. But Madisa said Bidvest is confident that diversification of the automotive unit will do well in the large used-car market while the third division will take up work in services, parts and other areas where the McCarthy unit does not operate.
It said bumper activity in the agriculture, mining, renewable energy and travel and tourism industries helped boost half-year profit by double-digits, but it warned that disposable income pressure on consumers is expected to intensify throughout the year.
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