Stellantis has invested in Africar Group in order to launch Auto24 and capitalise on the continent’s rapidly growing automobile industry, which is expected to reach 50 million units by 2030 and serve the continent’s projected 1.7 billion residents.
Stellantis’ worldwide strategy includes expanding its mobility solution range and reinforcing its focus on the client, both of which will benefit from this investment. One of Stellantis’s seven planned accretive enterprises serves as a case study for Dare Forward 2030.
It has also been confirmed by Africar Group and Stellantis that Auto24 operations would begin in Abidjan, Ivory Coast as a result of the investment.
Read also Nigeria’s Autochek Goes To French-speaking Africa, Acquires CoinAfrique
Auto24 is an online marketplace for pre-owned automobiles that connects buyers and sellers directly and uses cutting-edge technology to guarantee honest and safe dealings.
“This investment in Africar Group to create Auto24, re-enforces our strategy to grow our used vehicle business activity globally in a bold, pragmatic and agile way. It will follow the same blueprint as per the other Stellantis investments in the used vehicle ecosystem. The founders will accelerate the development of their activities while capitalizing on Stellantis yet maintaining the inventiveness, energy and agility that characterizes start-up companies,” Xavier Duchemin, Senior Vice President of the Pre-Owned Vehicles business unit at Stellantis said.
A Look At Africar Group
Africar Group operates the largest online automobile marketplace network in Africa, serving customers in more than 40 countries across Sub-Saharan Africa. Over the past five years, it has helped more than 25 million people purchase and sell pre-owned automobiles online.
“After more than five years of working with automotive manufacturers, distributors and other key players in the industry, we have developed a class leading, multi country digital automotive solution across Sub-Saharan Africa. Auto24 is being launched today with the aim to buttress the confidence of African customers in the used vehicle market. A great challenge that will allow to have a secure, convenient, trustworthy and enjoyable buying or selling used vehicle experience,” Axel PEYRIERE, co-Founder & CEO of Africar Group said.
Stellantis aspires to sell more than one million new automobiles annually throughout the Middle East and Africa by the year 2030, making it the third Original Equipment Manufacturer (OEM) with this goal.
“In Sub-Saharan Africa, Stellantis offers the largest network coverage of the automotive industry with close to 124 points of sales and maintenance. Today, the partnership with Africar Group through its subsidiary Auto24 will allow us to expand our offer of mobility solutions that widely meets the customer needs in Africa.” said Mr. Samir CHERFAN, Stellantis Middle East & Africa Chief Operating Officer.
Auto24 used car Auto24 used car
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert