NIGERIA – Autochek, a Nigeria based automotive technology startup, has announced the acquisition of automotive marketplaces Cheki Nigeria and Cheki Ghana which were part of ROAM Africa’s portfolio of online market places.
Autochek which was recently founded by former Cars45 chief executive officer Etop Ikpe, aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa.
The Auto-tech startup plans to transform automotive buying and selling experience for African consumers by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.
Autochek in a statement said that in spite of the average price of used cars in Africa standing at 5,000 dollars (almost three times the current GDP per capita – 1,720 dollars), credit penetration in the auto market is still at less than one per cent.
According to Autochek, lack of financing for vehicles made it difficult for people to be car owners with almost every used car in Africa being bought without any institutional finance.
It said that Autochek aimed to address the challenge by making auto financing more accessible to consumers across Africa.
According to a report by Disrupt Africa, ROAM Africa, Cheki’s parent company, has transferred ownership and operational control to Autochek.
Cheki Nigeria and Cheki Ghana outlets will now be rebranded as Autochek setting the ground for a relaunch before the end of 2020.
Leading cars marketplace Cheki Kenya was however not included in the transaction and remains fully owned and operated by ROAM Africa.
Autocheck Founder Etop Ikpe said, “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.”
Etop Ikpe – Autochek Founder
“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,” Ikpe said.
On his part, Clemens Weitz, CEO of ROAM Africa, said his company believed Autochek would carry on the “incredible results” Cheki has achieved in Nigeria and Ghana over the last decade in developing a specialist car marketplace.
Autochek decided to maintain Cheki Nigeria and Cheki Ghana team as they were with Cheki Nigeria’s current CEO, Chimezie Okonkwo, staying on with the new company.
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