Autochek, a Nigerian automotive know-how firm, has acquired a majority stake in AutoTager, an Egyptian automotive know-how firm, to ascertain its presence in Egypt. This is the second acquisition Autochek has made in North Africa, after buying Moroccan KIFAL Autos final yr. It can be Autochek’s sixth acquisition in two years, increasing its footprint to East, West, and North Africa.
The firm now has lively operations in 9 nations, with a partner-led footprint of greater than 2,000 sellers and workshop areas. AutoTager, a venture-backed startup, supplies Egyptians with entry to vetted autos and financing choices whereas connecting sellers with patrons and offering know-how options to enhance their operations.
Egypt is the third-largest financial system in Africa and the second-largest passenger automobile market, making it a strategic marketplace for a car-financing service. In 2021, over 215,000 vehicles had been bought in Egypt, creating 1000’s of jobs. The nation’s strategic place and enormous inhabitants have created a big demand for vehicles and auto financing options.
Autochek hopes to leverage its partnership with a number of banks to supply Egyptians with the infrastructure to make automobile possession extra accessible and inexpensive. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, stated, “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.”
AutoTager’s CEO, Amr Rezk, will nonetheless lead the corporate. “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets,” Rezk stated.” The firm’s monitor report of concurrently working numerous enterprise fashions in the automotive area is stellar and supplies us with a large menu of choices and cutting-edge instruments to supply AutoTager’s clients a very distinctive proposition. We have very thrilling plans and are assured that the worldwide OEM and financing partnerships that Autochek has secured can even present us with differentiated entry, permitting us to guide in our area whereas concentrating on high-quality prime decile returns.”
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