by Bennett Oghifo
Autochek, an automotive technology company facilitating auto finance in Africa and ROAM Africa (Ringier One Africa Media) have reached an agreement for Autochek to acquire the Cheki Kenya and Cheki Uganda automotive markets, as Autochek expands further in the market African. The deal will be finalized in the coming weeks and will see the operations of Cheki Kenya and Uganda become part of the broader operations of Autochek. The move comes just a year after Autochek successfully acquired Cheki Nigeria and Ghana as part of its West Africa launch.
Launched in 2020 and backed by notable investors such as TLcom 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 after-sales service network that preserves and facilitates the vehicle ownership experience across Africa.
Acquiring East Africa’s leading online auto marketplace is the next step for Autochek as it expands its presence in the region and continues its mission of providing seamless access to auto finance across the continent.
Building on Cheki’s 10 years of experience, Autochek is poised to introduce additional technology solutions that will integrate the automotive ecosystem and increase market adoption for auto loan financing. As part of the agreement, ROAM Africa will transfer ownership and operational control to Autochek.
Speaking on the acquisition, Autochek Founder and CEO Etop Ikpe said: “The acquisition of Cheki Kenya and Uganda is a milestone for us, and we are delighted to be working with ROAM again. Africa, building on their past achievements. years. ROAM Africa has unparalleled experience in operating and scaling some of Sub-Saharan Africa’s most innovative ranked marketplaces and we look forward to building on this strong business base.
“Autochek’s mandate is to accelerate the ability of African consumers to access better quality and affordable vehicles by giving them access to finance, while reducing the risks of the auto lending process for financial institutions.
We are long-time admirers and collaborators of the Cheki brand; Following today’s announcement, we intend to bring even more trust and transparency to the East African automotive sector, leveraging the unique networks we now unite.
Founded in 2010, Cheki Kenya has built a network of hundreds of dealers, over 12,000 vehicles listed monthly and 700,000 monthly unique users on its platform with over 80% year-over-year growth over the years. over the past two years.
Clemens Weitz, CEO of ROAM Africa, said: “All over the world we are witnessing a new evolution of digital automotive platforms, requiring deep specialization. More specifically in Africa, we believe that Autochek is the only player with the best team and the best expertise to truly create a game-changing consumer experience. Our Cheki team has built a unique and market leading brand and a truly remarkable company. Most importantly, I want to thank all of the team members who have contributed to this success. We are now excited to see this take it to the next level. While 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 great deal: it frees up even more focus on the strategic playbook for our core businesses. We have a clear strategy that will further strengthen our leading markets and invest in innovative product solutions. The opportunity is now greater than ever, as the pandemic has dramatically accelerated digitization across the continent. Over the past two years, our business has experienced unprecedented growth. Thus, our commitment to connect Africans to opportunities remains strong. “
With a credit penetration in Kenya at 27.5%, significantly higher than the West African market which stands at 5%, the growing East African market is positioned as a key financing hub. automobile and Autochek is now strategically positioned to evolve by becoming a pan-African player. .
ROAM Africa remains committed to connecting Africans to opportunities and will focus on empowering its existing portfolio companies in East and West African countries such as Jobberman.com in Nigeria and Ghana, BrighterMonday.co.ke, Brightermonday.co.ug, Expat Dakar.com, BuyRentKenya.com and others.
Launched in 2020, Autochek is an automotive technology company created to create digital solutions to improve and enable automotive trade across Africa. Operational in Nigeria and Ghana, the company combines technology, supported by data analytics to deepen auto finance penetration across the continent.
Ringier One Africa Media (ROAM Africa) is the leading digital classifieds group in sub-Saharan Africa. Unified by its mission to “Connect Africans to Opportunity”, it operates in six sub-Saharan countries. ROAM Africa leads the job market with Jobberman and BrighterMonday, general classifieds with Expat Dakar.com, PigiaMe.com and Qefira.com, and real estate with BuyRentKenya.com.