Autochek, the African auto-tech company, has made another strategic move in its expansion across the continent.
The company recently announced the acquisition of a majority stake in Egypt’s AutoTager, a venture-backed startup that aims to make car buying and selling more accessible and hassle-free in the country.
Autochek, founded in 2020, aims to create a seamless and safe automotive commerce experience for African consumers. The company leverages technology to transform the automotive buying and selling experience for African consumers by providing a single marketplace for sourcing, financing, after-sales support, and warranties.
Autochek has been growing rapidly, thanks in part to its acquisition strategy. The startup launched in September 2020 after acquiring automotive marketplaces Cheki Nigeria and Cheki Ghana from ROAM Africa. Since then, it has expanded to Kenya, Uganda, Morocco, Ivory Coast, Senegal, and other French-speaking countries through the acquisition of CoinAfrique.
With the acquisition of AutoTager, Autochek is now deepening its presence in North Africa and entering the Egyptian market. AutoTager aims to remove the friction from the car buying and selling process in Egypt by enabling easier access to vetted vehicles and financing for consumers. The startup also connects dealers with serious buyers and technology solutions to improve their operations.
Autochek’s entry into the Egyptian market through AutoTager is expected to make car ownership more accessible and affordable for Egyptians. With its partner-led footprint of more than 2,000 dealers and workshop locations, Autochek is well-positioned to deliver on its mission to improve the automotive finance value proposition on the continent and catalyze more growth across the automotive ecosystem.
Autochek’s co-founder and Group CFO, Olajide Adamolekun, expressed his delight at having Amr Rezk, AutoTager’s founder, on board. He believes that Amr’s experience will be invaluable as Autochek enters the Egyptian market and continues on its mission to improve the automotive finance value proposition on the continent.
Amr Rezk, in turn, expressed his excitement at partnering with Autochek to pursue several sizeable and unique opportunities in the automotive space. He believes that Autochek’s deep automotive expertise, proven playbook, and cutting-edge tools will provide AutoTager’s customers with a truly unique proposition.
Autochek’s acquisition of AutoTager is another step in the company’s mission to make car ownership more accessible and affordable across Africa. With its strong footprint across East, West, and North Africa, Autochek is well-positioned to continue driving growth and success in the months and years to come.