This is according to Renaldo de Jager, the co-founder of new online auto auction platform, Auction.co.za.
De Jager and co-founder William Miller started the platform when they realised there was a gap in the market for a fairer process that could potentially help those struggling to make monthly payments on their cars.
De Jager said that with the price of fuel set to increase yet again next month, petrol was already becoming unaffordable for many.
“Times are tough and, understandably, many are falling behind on debt repayments. The number of cars being repossessed in South Africa is rising. And, unfortunately, the current repossession process is strict and significantly unfair towards both the consumer and the bank,” said De Jager.