This is after the Auto tech company sealed a deal with digital classifieds group Ringier One Africa Media (ROAM Africa) that owns Cheki that runs platforms.
The deal has now been finalised and will see Cheki Kenya and Uganda’s operations integrate with the wider Autochek operations.
The move comes just one year after Autochek successfully acquired Cheki Nigeria and Ghana as part of its launch in West Africa as it expnds its footprint into the African market.
Launched in 2020, and backed by notable investors such as T Lcom Capital and 4DX Ventures, Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent.
With a presence in Nigeria and Ghana, the company’s 360-degree automotive solution also provides a strong network of after-sales services that preserves and eases vehicle ownership experience across Africa.
The acquisition of East Africa’s leading online auto marketplaces, which has recently been inked as a defining moment for Autochek as it continues to expand its footprint inching closer to its mission of providing seamless access to auto financing across the continent.
Building on Cheki’s 10 years of experience, Autochek is set to introduce additional technology solutions that will integrate the auto ecosystem as well as increase market adoption for auto loan financing.
As part of the agreement, ROAM Africa has transferred ownership and operational control to Autochek.
“Cheki is a very trusted brand in this market and Autochek is building on that by adding value to all the partners in the car ecosystem. We have partnered with workshops and garages in inspecting the cars before populating them on the marketplace. Car buyers will get multiple financing offers from a single loan application, financial institutions will be empowered to make faster assessments leading to quicker loan disbursement due to the availability of the detailed
inspection certificate. For car dealers, based on the competitive nature of the market that Autochek has created, there is a guarantee of faster fulfillment or disbursement which eventually increases sales for your business. Everyone wins with Autochek” said Bilhah Muriithi, the country manager, Autochek Kenya.
Founded in 2010, Cheki Kenya has built a network of hundreds of dealers, more than 12,000 vehicles listed monthly and 700,000 monthly unique users on its platform with 80% plus year-on-year growth in the last two years.
“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,” said Clemens Weitz, CEO of ROAM Africa.
“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.”
With credit penetration in Kenya at 27.5%, significantly higher than the West African market which stands at 5%, East Africa’s growing market is positioned as a key auto financing hub and Autochek is now strategically positioned to scale as it becomes a pan-African player.
ROAM Africa remains committed to connecting Africans to opportunities and will focus on strengthening the autonomy of its existing portfolio companies across East and West African countries such as Jobberman.com in Nigeria and Ghana, BrighterMonday.co.ke,