Vehicle Care Group is a business that provides financing services to the used vehicle trade and related consumers in South Africa.

VCG Invest

Provides off-balance sheet working capital to used vehicle dealers as high-interest, short-term loans.

VCG Flexidrive

VCG Flexidrive offers a rent-to-buy option to consumers who cannot easily obtain bank funding.  They have a fleet of over 360 vehicles.

While the economics are similar to the VCG Invest business, the underlying credit exposure is different and the loans are typically for a longer period.

Vehicle Care Group
% of Astoria NAV

As at December 2022 – we value the equity at zero and the remaining shareholders’ loans at a discount to face value.