Autochek, an automotive technology firm based in Nigeria, has just acquired a majority stake in AutoTager, an automotive technology company based in Egypt that streamlines the process of locating and purchasing automobiles.
Autochek is taking steps to strengthen its position in North Africa, and the purpose of the acquisition is to support the further growth of the company.
The corporation was established in the year 2020 and since then has been making significant investments across a variety of areas throughout Africa. The new company is utilizing technology to revolutionize the process of purchasing vehicles by developing a centralized marketplace to meet all of the requirements placed on customers by the automotive industry, ranging from sourcing and financing to after-sales service and warranties.
The company has been on an acquisitions binge, bringing other companies that produce items comparable to its own under its umbrella.
CoinAfrique is a marketplace for classified ads that specializes on serving the Francophone African market. Autocheck purchased CoinAfrique in 2017. Cheki Kenya and Cheki Ghana, as well as KIFA Auto, a marketplace for automobiles in Morocco, are among the other start-up businesses that this company has purchased.
The acquisition of AutoTager is another evidence that AutoChek intends to establish a prominent presence on the continent. Amr Rezk, a previous proprietor of several successful businesses, established AutoTager in 2021.
The geographical location of Egypt, its highly skilled labor force, and its sizable domestic market all make it an attractive market for AutoChek to enter. The government has also implemented substantial reforms in recent years, which have permitted rapid growth and made it one of the largest receivers of Foreign Direct Investment (FDI) in Africa over the past decade. Both of these achievements are the result of the country’s efforts in recent years.
Olajide Adamolekun, Group CFO and co-founder of Autochek, made the following statement in response to the acquisition: “Amr’s history and track record is as outstanding as it gets and I am happy to have him on board. His experience will be essential to us as we enter the Egyptian market and continue our ambition to improve the automotive finance value offer on the continent and to accelerate even more growth throughout the whole automotive ecosystem. We will be entering Egypt as part of our mission to improve the value proposition of automotive financing across the continent.
AutoChek is currently operating in nine countries spanning East, West, and North Africa. The company has partnerships with more than seventy financial service companies and over two thousand automobile dealerships.