In September 2021, Autochek bought Cheki Kenya and Cheki Uganda, two other automotive marketplaces from Ringier One Africa Media. Autochek had previously bought Cheki’s subsidiaries in Ghana and Nigeria, and partnered with the CFAO Group to launch the network in Ivory Coast. With the latest acquisition, Autochek is now present in six countries across East, West and North Africa.
Autocheck and KIFAL: Linking car buyers and sellers
Autochek and KIFAL Auto link car buyers and sellers and offer several services including financing and insurance through their partners.
“From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation. They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa. There are so many parallels in our individual stories and I look forward to a long and mutually beneficial relationship for years to come,” said Autochek co-founder and CEO, Etop Ikpe, in a statement.
KIFAL: A leading Moroccan auto marketplace
KIFAL, founded in 2019 by Nizar Abdalaoui Maane, is one of Morocco’s leading automotive marketplaces. The country is one of the largest markets for used and new cars in Africa. Following the latest deal, Maane and the KIFAL auto team will join Autochek to lead the company’s expansion efforts in North Africa.
According to the company, Autochek has 1,500 partner dealers across its markets and has partnerships with more than 70 financing partners including Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.
Assessments and checks
Cars listed on Autochek’s site go through various stages of inspection and are rated according to their status and performance. In an earlier interview with TechCrunch, Ekpe said that, “The assessments and some algorithmic checks on Autochek’s system help to give a sense of the status and condition of the car, determining whether it is in a state to be financed … because they (banks) do not want a situation where they finance a car and the next day, the engine knocks.”
Autochek claims that loans are approved in approximately 48 hours. The company generates revenue by charging a fee to dealers listing on its platforms, in addition to a loan facilitation commissions from banks.
In May of last year, Egypt’s Sylndr raised USD 12.6 million to expand across the country.