Autochek acquires greater part stake in Egypt’s AutoTager
2 min read
Autochek, a Nigerian automotive technology corporation, has acquired a greater part stake in AutoTager, an Egyptian automotive know-how company, to create its existence in Egypt. This is the second acquisition Autochek has made in North Africa, following acquiring Moroccan KIFAL Autos last 12 months. It is also Autochek’s sixth acquisition in two several years, increasing its footprint to East, West, and North Africa.
The organization now has active functions in 9 international locations, with a partner-led footprint of extra than 2,000 dealers and workshop places. AutoTager, a undertaking-backed startup, supplies Egyptians with access to vetted vehicles and financing choices whilst connecting sellers with prospective buyers and delivering technological innovation solutions to increase their functions.
Egypt is the 3rd-premier financial state in Africa and the second-major passenger car current market, building it a strategic market for a car or truck-financing service. In 2021, around 215,000 automobiles were sold in Egypt, creating hundreds of careers. The country’s strategic placement and significant populace have developed a substantial desire for autos and car financing answers.
Autochek hopes to leverage its partnership with numerous banks to present Egyptians with the infrastructure to make car possession more accessible and economical. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, stated, “There are a lot of parallels in between Autochek and AutoTager, and we are wanting ahead to setting up on these parallels to produce more advancement and success in the months and many years to come.”
AutoTager’s CEO, Amr Rezk, will nevertheless guide the organization. “We are thrilled to husband or wife with Autochek to go after many sizable and one of a kind alternatives in the automotive place. Autochek has deep automotive experience and delivers a verified playbook and quite a few all-weather procedures that have been tested and validated in several elaborate superior-progress markets,” Rezk stated.” The company’s monitor record of concurrently operating numerous company styles in the automotive room is stellar and presents us with a large menu of solutions and chopping-edge resources to provide AutoTager’s prospects a genuinely special proposition. We have incredibly exciting designs and are self-confident that the worldwide OEM and financing partnerships that Autochek has secured will also supply us with differentiated obtain, permitting us to direct in our room although focusing on high-high-quality top rated decile returns.”
