Afrigather Autochek, a Nigerian automotive expertise firm, has acquired a majority stake in AutoTager, an Egyptian automotive expertise firm, to determine its presence in Egypt. That is the second acquisition Autochek has made in North Africa, after acquiring Moroccan KIFAL Autos final yr. It’s also Autochek’s sixth acquisition in two years, increasing its footprint to East, West, and North Africa.
The corporate now has lively operations in 9 nations, with a partner-led footprint of greater than 2,000 sellers and workshop areas. AutoTager, a venture-backed startup, supplies Egyptians with entry to vetted autos and financing choices whereas connecting sellers with consumers and offering expertise options to enhance their operations.
Egypt is the third-largest economic system in Africa and the second-largest passenger car market, making it a strategic marketplace for a car-financing service. In 2021, over 215,000 automobiles had been bought in Egypt, creating 1000’s of jobs. The nation’s strategic place and enormous inhabitants have created a big demand for automobiles and auto financing options.
Autochek hopes to leverage its partnership with a number of banks to supply Egyptians with the infrastructure to make automotive possession extra accessible and reasonably priced. Talking on the acquisition, Olajide Adamolekun, Autochek’s CFO and co-founder, mentioned, “There are lots of 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 come back.”
AutoTager’s CEO, Amr Rezk, will nonetheless lead the corporate. “We’re thrilled to accomplice with Autochek to pursue a number of sizable and distinctive alternatives within the automotive area. Autochek has deep automotive experience and brings a confirmed playbook and a number of other all-weather methods which have been examined and validated in a number of advanced high-growth markets,” Rezk mentioned.” The corporate’s observe document of concurrently working varied enterprise fashions within the automotive area is stellar and supplies us with a large menu of choices and cutting-edge instruments to supply AutoTager’s clients a really distinctive proposition. We have now very thrilling plans and are assured that the worldwide OEM and financing partnerships that Autochek has secured can even present us with differentiated entry, permitting us to guide in our area whereas focusing on high-quality prime decile returns.”
