Autochek, the automotive know-how firm just lately based by former Cars45 CEO Etop Ikpe, has introduced the acquisition of automotive marketplaces Cheki Nigeria and Cheki Ghana, beforehand a part of ROAM Africa’s portfolio of on-line marketplaces.
The new platform will relaunch by the tip of 2020.
Autochek is an automotive know-how firm that goals to construct digital options that can improve and allow a seamless and secure automotive commerce expertise throughout Africa, beginning with Nigeria and Ghana. Having recognized quite a few challenges within the automotive buy market on the continent, the brand new firm plans to make use of know-how to remodel the automotive shopping for and promoting expertise for African shoppers, by making a single market for shoppers’ automotive wants, from sourcing and financing to after gross sales help and warranties.
Despite the common value of used vehicles in Africa standing at $5,000 (nearly thrice the present GDP per capita – $1,720), with credit score penetration within the auto market at lower than one %, nearly each used automotive is purchased with none institutional finance. Autochek goals to handle this challenge by making auto financing extra accessible to shoppers throughout Africa. Autochek can also be now working to standardise options round warranties and upkeep, to allow sellers to supply these providers extra readily to shoppers.
ROAM Africa (Ringier One Africa Media), Cheki’s dad or mum firm, has transferred possession and operational management to Autochek, and all Cheki Nigeria and Cheki Ghana shops will now be rebranded as Autochek. The main vehicles market Cheki Kenya stays absolutely owned and operated by ROAM Africa. Building on Cheki’s 10 years of progress with a community of greater than 500 paying sellers, Autochek is about to introduce further know-how options that can make it simpler for dealerships to service their prospects higher.
Speaking on the acquisition, Etop Ikpe, CEO of Autochek says, “We are really excited by this new opportunity to drive the African automotive space forward. Our aim is to create a one-stop shop for consumers’ automotive needs, embedding technology at every stage of the process, thereby making the journey of car ownership easier for everyone. The Cheki brand is well established in Nigeria and Ghana, and we look forward to building on the solid work that the Cheki team has done over the last ten years in reinventing how car purchases are made. Our goal is to continue the great work, as well as expand operations into other African territories from 2021 onwards.”
Clemens Weitz, CEO of ROAM Africa, mentioned, “With Autochek, we have found a company and founding team that will carry on the incredible results Cheki has achieved in Nigeria and Ghana over the last decade in developing a specialist car marketplace, loved and trusted by both car buyers and sellers. Etop and his team have an outstanding record of success in the African automotive market and we are excited to be handing over these assets to them, ensuring continuity of service as we migrate the platforms over. We are also pleased that the Autochek team is committed to working collaboratively with the existing Cheki team and long-term partners. We look forward to seeing all the success they will achieve together”
The present Cheki Nigeria and Cheki Ghana workforce stays intact with Cheki Nigeria’s present CEO, Chimezie Okonkwo, staying on with the brand new firm.
Cheki Kenya will stay part of the ROAM Africa portfolio and the sale of Cheki Nigeria and Ghana doesn’t affect Cheki Kenya. Cheki Kenya will proceed to give attention to establishing options for the Kenyan automotive trade and speed up its funding in tailoring options for the Kenyan market particularly.