Autochek, a Nigerian automotive engineering corporation, has acquired a the greater part stake in AutoTager, an Egyptian automotive know-how organization, to create its presence in Egypt. This is the second acquisition Autochek has designed in North Africa, following buying Moroccan KIFAL Autos final calendar year. It is also Autochek’s sixth acquisition in two many years, growing its footprint to East, West, and North Africa. 

The organization now has active operations in nine nations, with a companion-led footprint of additional than 2,000 sellers and workshop destinations. AutoTager, a undertaking-backed startup, gives Egyptians with entry to vetted motor vehicles and financing possibilities even though connecting dealers with prospective buyers and providing technological innovation remedies to strengthen their operations. 

Egypt is the 3rd-premier economic climate in Africa and the second-most significant passenger auto industry, making it a strategic industry for a vehicle-funding provider. In 2021, about 215,000 automobiles ended up bought in Egypt, generating thousands of employment. The country’s strategic place and substantial populace have designed a massive need for automobiles and vehicle funding alternatives. 

Autochek hopes to leverage its partnership with a number of banking institutions to deliver Egyptians with the infrastructure to make car or truck possession much more obtainable and affordable. Speaking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, explained, “There are a lot of parallels among Autochek and AutoTager, and we are wanting ahead to creating on these parallels to deliver a lot more growth and achievement in the months and years to come.”

AutoTager’s CEO, Amr Rezk, will nevertheless lead the firm. “We are thrilled to companion with Autochek to pursue a number of sizable and special possibilities in the automotive room. Autochek has deep automotive abilities and delivers a tested playbook and quite a few all-weather conditions methods that have been tested and validated in various elaborate higher-advancement marketplaces,” Rezk reported.” The company’s monitor record of concurrently functioning numerous business enterprise versions in the automotive room is stellar and presents us with a wide menu of alternatives and cutting-edge instruments to offer AutoTager’s buyers a genuinely exclusive proposition. We have very remarkable designs and are self-confident that the international OEM and funding partnerships that Autochek has secured will also present us with differentiated access, permitting us to guide in our place when concentrating on superior-good quality top rated decile returns.”

Get the most effective African tech newsletters in your inbox

By Tara