A year after Autochek successfully acquired Cheki Nigeria and Ghana as part of its launch in West Africa, the automotive technology company, looking to build digital solutions for the purpose of enhancing and enabling automotive commerce across Africa, has further spread its tentacle into the East African market.
Autochek is acquiring the leading East Africa’s online automotive marketplaces, Cheki Kenya and Cheki Uganda- ROAM Africa’s online car platforms – to integrate their operations with the wider Autochek operations and maximise credit penetration in Kenya which stands at 27.5 percent, significantly higher than the West African market which stands at 5 percent.
The deal, which requires ROAM Africa to transfer ownership and operational control to Autochek, is in line with the automotive technology company’s mission to provide seamless access to auto financing across the continent. However, Autochek plans to bring in technology solutions to improve the ecosystem and increase market adoption for auto loan financing through leveraging on Cheki’s 10 years’ experience.
Etop Ikpe, founder and CEO of Autochek, while speaking on the deal stated that the acquisition of Cheki Kenya and Uganda is an important milestone for Autochek.
He said: “We are excited to be working with ROAM Africa once again, building on their achievements over the past years. ROAM Africa has an unrivalled record of accomplishment of operating and scaling some of sub-Saharan Africa’s most innovative classified marketplaces and we look forward to leveraging on this solid business foundation.
“Autochek’s mandate is to accelerate the ability of African consumers to access better quality and affordable vehicles by providing access to financing, while also derisking the auto lending process for financial institutions. We are long-time admirers and collaborators of the Cheki brand; following today’s news, we intend to provide even more trust and transparency in East Africa’s automotive sector, leveraging the unique networks we are now joining together,” Ikpe further said.
In his remark, Clemens Weitz, CEO of ROAM Africa, said the transfer of ownership will enable Autochek to build on Checki’s experience over the years to facilitate a more enjoyable experience for consumers as well as further consolidate the automotive business.
“Across the world, we see a new evolution of digital automotive platforms, requiring deep specialization. Specifically in Africa, we believe that Autochek is the one player with the best team and expertise to truly create a game-changing consumer experience. Our Cheki team has built a unique, market-leading brand and a truly remarkable business. Most importantly, I want to thank everyone in the team who contributed to this success. Now we are excited to see that taken to the next level. Whilst this is good news for everyone directly involved, the ultimate benefactor will be African car buyers and sellers.
“For ROAM Africa, this deal is more than a very good transaction: It unleashes even more focus on the strategic playbook for our core businesses. We have a clear strategy that will further strengthen our leading marketplaces and invest into innovative product solutions. The opportunity is now bigger than ever, since the pandemic has vastly accelerated digitization across the continent. In the last two years, our businesses recorded unprecedented growth. Thus, our commitment to connect Africans to opportunities remains strong,” he noted.
Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent. Since it launched in 2020, the company, backed by TLcom capital and 4DX ventures, has provided a strong network of after-sales services that preserves and eases vehicle ownership experience across Africa.
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