Nigeria-based automotive financing platform Autochek has acquired a majority stake in Egypt’s used vehicles market, AutoTager, to deepen its presence in North Africa and help the corporate’s ongoing progress.
AutoTager is a enterprise backed startup that simplifies the automotive shopping for and promoting course of in Egypt, enabling simpler entry to vetted autos and financing for shoppers, and connecting sellers with severe consumers and expertise options to enhance their operations.
Commenting on the acquisition, Olajide Adamolekun, Group CFO and co-founder of Autochek, mentioned, “Amr’s background and observe report is as spectacular because it will get and I’m delighted to have him on board. His expertise will likely be invaluable as we enter the Egyptian market and proceed on our mission to enhance the automotive finance worth proposition on the continent and catalyse extra progress throughout the automotive ecosystem. There are numerous parallels between Autochek and AutoTager, and we’re trying ahead to constructing on these parallels to ship extra progress and success within the months and years to return.”
The acquisition goals to deepen Autochecks its presence in North Africa beginning with Egypt, the second-largest automotive market in Africa.
This acquisition additionally represents the third for Autochek in lower than a 12 months and the sixth in underneath two years, reflecting its emergence because the main Pan-African automotive expertise firm.
The corporate now has energetic operations in 9 nations throughout East, West and North Africa, with a partner-led footprint of greater than 2,000 sellers and workshop places. This unrivalled footprint allows unparalleled insights into vehicle-related transactions and positions Autochek and its subsidiaries to ship efficient options for the wants of a variety of stakeholders in Africa’s automotive ecosystem.
Amr Rezk, CEO and Founding father of AutoTager, mentioned, “We’re thrilled to companion with Autochek to pursue a number of sizable and distinctive alternatives within the automotive house. Autochek has deep automotive experience and brings a confirmed playbook and a number of other all-weather methods which were examined and validated in a number of advanced excessive progress markets. The corporate’s observe report of concurrently working varied enterprise fashions within the automotive house is stellar and gives us with a large menu of choices and cutting-edge instruments to supply AutoTager’s prospects a very distinctive proposition. We’ve very thrilling plans and are assured that the worldwide OEM and financing partnerships that Autochek has secured may also present us with differentiated entry permitting us to guide in our house whereas focusing on top quality high decile returns.
AutoTager was based in 2021 by Amr Rezk, a serial entrepreneur that has based and co-founded a number of profitable firms, together with Fundseer, a number one non-public fairness GP/LP coordination platform. Amr has deep expertise working in and investing in varied geographies throughout Africa and the Center East, with a observe report of constructing and sustaining excessive progress enterprises. Previous to turning into an entrepreneur, Amr labored with a number of massive establishments together with Goldman Sachs, EFG-Hermes and the Qatar Funding Authority the place he led the Non-public Fairness and Enterprise Capital Funds Investments Staff. He has an educational background as an economist and holds an MBA from Harvard Enterprise College.