By: Autoboys Holdings
Autoboys Holdings strikes deal with ARC to become SA’s first black-owned national glass and collision parts provider
Autoboys Holdings, the holding company of Autoboys Glass Services Pty Ltd and Autoboys Automotive Pty Ltd, has signed an agreement with African Rainbow Capital (ARC) where ARC acquires 51% of the company.
ARC, chaired by mining magnate Patrice Motsepe, is a black-owned and controlled company focusing on the South African and African financial services industry and businesses that deliver exceptional returns on equity. Autoboys Holdings’ Managing Director, Filum Ho, says the deal makes Autoboys Glass Services the only majority blacked-owned national automotive glass and parts provider in South Africa.
Ho says, “The deal is supportive of Governments objective of economic transformation and economic participation of black people in the South African economy. It sees a move away from the industry’s historically dominated white-owned business model. We are cognisant of the pressure from National Treasury to mandate insurance-related spend to majority-owned black companies. We are now in a position to ensure our partners have the option of supporting black-owned business in the supply chain. Our insurance partners were advocating the need for a more inclusive and transformed economy. We listened and acted on this very real need.”
Beyond the black-owned partnership credentials, the deal further allows investment by Autoboys in network expansion. The company plans to invest on improving its service delivery network to create more savings for its partners as well as to develop innovative, technology-driven solutions to customers making it easier for them to engage with the company.
Historically, Autoboys Glass Services has disrupted the market by integrating directly with the claims management systems of its insurance partners thus creating transparency in pricing and availability of its aftermarket parts. This has resulted in hundreds of millions of Rands being saved by our customers and ultimately the consumer. “We have many exciting initiatives in the pipeline which will result in cost savings and efficiency gains. In partnership with ARC, we look forward to more years of positive market disruption and development,” concludes Ho.