Autochek - Afrikan Heroes

Autochek Makes Major East Africa Expansion With Cheki Acquisitions

September 13, 2021

Leading Nigerian auto-tech startup Autochek has begun its major expansion into the east African region with acquisitions in Kenya and Uganda after acquiring the Cheki platforms for each of those countries from ROAM Africa. The auto-tech startup aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana.

Autochek also plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.

The startup launched last September having acquired automotive marketplaces Cheki Nigeria and Cheki Ghana from ROAM Africa, and has since raised a US$3.4 million pre-seed funding round to help it grow its operations and develop its platform. Having opened its doors in Ghana, Autochek is now following the same playbook to expand to Kenya and Uganda, formalising an agreement with ROAM Africa to acquire Cheki Kenya and Cheki Uganda.

The deal will be finalised within the following weeks and will see Cheki Kenya and Uganda’s operations integrate with the wider Autochek operations. Building on Cheki’s 10 years of experience, Autochek is set to introduce additional technology solutions that will integrate the auto ecosystem as well as increase market adoption for auto loan financing.

“The acquisition of Cheki Kenya and Uganda is an important milestone for us, and we are excited to be working with ROAM Africa once again, building on their achievements over the past years. ROAM Africa has an unrivalled track record of operating and scaling some of Sub-Saharan Africa’s most innovative classified marketplaces and we look forward to leveraging on this solid business foundation,” said Etop Ikpe, founder and chief executive officer (CEO) of Autochek.

“Autochek’s mandate is to accelerate the ability of African consumers to access better quality and affordable vehicles by providing access to financing, while also derisking the auto lending process for financial institutions. We are long-time admirers and collaborators of the Cheki brand; following today’s news, we intend to provide even more trust and transparency in East Africa’s automotive sector, leveraging the unique networks we are now joining together.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Autochek Launches Online Truck Loans Marketplace in Nigeria, Ghana

March 26, 2021

Autocheck, the innovative automobile startup with operations in Nigeria and Ghana has launched a truck loans marketplace in Nigeria and Ghana that seeks to provide a structured market for truck loans and services. The startup is combining technology and data to enhance the buying and selling experience across African consumers, by creating a single marketplace for all automotive needs.

Launched in September, Autocheck which acquired another automotive startup Cheki Nigeria and Cheki Ghana, as well as raised a US$3.4 million pre-seed funding round expanded its operations to Accra, Ghana.

Presently Autochek app has 20,000 unique vehicles listed on its platform, and more than 12,000 dealers and private sellers as well as a range of corporate partners and customers. It has now announced the launch of its online truck loans marketplace in Nigeria and Ghana, in a bid to migrate the trucking industry to online transactions and increase financing penetration.

With hundreds of truck dealers across Nigeria and Ghana on its platform, the fleet ranges from Flatbeds, Semi-trailers, Tankers as well as Heavy, Garbage and Panel trucks. As part of the rollout, Autochek is partnering with key logistics stakeholders in Nigeria and Ghana, including Kobo360, to finance trucks for African e-logistics transporters and truck owners. This means that customers interested in owning a truck can do that with financing at the best rates.

The new platform is available via the Autochek Android app or website and all trucks undergo a 150-point check inspection process before being listed to guide the customers on the exact state of the trucks. Autochek will also now provide the same services to trucks as it does with the cars already listed on its platform. Its 360-degree solution provides truck financing through finance partners with core expertise in fleet financing such as Baobab Group and FundQuest with spread across Africa and competitive rates. To ensure trucks are kept on the road in good conditions, truck owners also enjoy affordable and expert maintenance services from standardised workshops and technicians in the Autochek partner network.

“Autochek’s focus has always been on transforming automotive trade on the continent. Now it is time for us to extend our services to trucks, as we build out our network and support our partners by providing a structured market for them to purchase and maintain their fleet,” said John Egwu, Autochek’s VP of operations.

“Financing penetration for trucks is lower than one per cent in Africa and our ambition is to migrate what is known to be a core offline market to a digital platform, in order to increase financing penetration and create a one-stop-shop that will not just meet partners’ needs but also ultimately increase earning capabilities and job creation across the value chain.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Autochek Partners Okra to Offer Car Loans to Customers

March 5, 2021

Chetan Seth, chief technology officer (CTO) at Autochek

Customers of Nigeria’s emerging startups, Autochek are in for a great deal as the auto startup is partnering with Okra to offer users Autochek access to digital car loans facilitated by Okra. This is coming as Autochek aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana.

Autochek plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.

It could be recalled that Autochek launched just a few months ago, specifically in September but has already acquired automotive marketplaces Cheki Nigeria and Cheki Ghana, as well as raised a US$3.4 million pre-seed funding round. It has also commenced operations in Accra, Ghana.

With this partnership, the Nigerian leading fintech startup Okra will assist with the financing side of its operations. Launched in January 2020, Okra is an API creating a secure portal and process to exchange real-time financial information between customers, applications and banks. The company is Africa’s first API “super-connector”, and raised funding from TLcom Capital last April.

Okra’s bank statement service extends to both individual customers as well as small and medium enterprises. Its partnership with Autochek has established a truly digital auto loan offering for customers, allowing Autochek to verify customer identities, retrieve customer bank statements, and receive loan payments.

“At Autochek, we have pioneered the first of its kind 100 per cent digital lending marketplace which allows the customer to apply and receive multiple offers from over 15 leading financial institutions. One of the key requirements for banks to deliver offers is access to customer’s bank statements digitally. Okra has enabled the digital transfer of statements to lenders without the need for the customer to visit the bank and go through the hassle of printing and stamping statements,” said Chetan Seth, chief technology officer (CTO) at Autochek.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigeria’s New Auto-Tech Startup Autochek Acquires Cheki Platforms

September 26, 2020

Autochek, the newly established automotive technology startup has taken the market by surprise by acquiring the platforms of established firms like Cheki.com in both Nigeria, and in Ghana. Autocheck which was recently founded by former Cars45 chief executive officer (CEO) Etop Ikpe announced the acquisition of automotive marketplaces Cheki Nigeria and Cheki Ghana, previously part of ROAM Africa’s portfolio of leading online marketplaces. With these acquisitions, Autochek aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana.

former Cars45 chief executive officer (CEO) Etop Ikpe

It plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties. ROAM Africa, Cheki’s parent company, has transferred ownership and operational control to Autochek, and all Cheki Nigeria and Cheki Ghana outlets will now be rebranded as Autochek. The new platform will relaunch by the end of 2020. Leading cars marketplace Cheki Kenya remains fully owned and operated by ROAM Africa.

“We are really excited by this new opportunity to drive the African automotive space forward. Our aim is to create a one-stop shop for consumers’ automotive needs, embedding technology at every stage of the process, thereby making the journey of car ownership easier for everyone. The Cheki brand is well established in Nigeria and Ghana, and we look forward to building on the solid work that the Cheki team has done over the last ten years in reinventing how car purchases are made. Our goal is to continue the great work, as well as expand operations into other African territories from 2021 onwards,” Ikpe said.

Clemens Weitz, CEO of ROAM Africa, said his company believed Autochek would carry on the “incredible results” Cheki has achieved in Nigeria and Ghana over the last decade in developing a specialist car marketplace. “Etop and his team have an outstanding record of success in the African automotive market and we are excited to be handing over these assets to them, ensuring continuity of service as we migrate the platforms over. We are also pleased that the Autochek team is committed to working collaboratively with the existing Cheki team and long-term partners. We look forward to seeing all the success they will achieve together,” he said.

Disrupt Africa quizzed Ikpe on the reasons behind his departure from Cars45, which raised US$5 million in funding from the Berlin-based Frontier Car Group (FCG) in 2017 and expanded into Ghana and Kenya last year. He said the Autochek idea was one that he had been thinking about for some time. “This just felt like the right time to bring that dream to life. The team at Cars45 remains close to my heart and I will always appreciate everyone past and present at Cars45 and FCG for all the great things we did together. Autochek will focus on developing technology solutions that will help dealerships, auto workshops and financial institutions to service their consumers better and we hope to do business with Cars45 in the nearest future,” he said.

“Leaving Cars45 was not an easy decision, but sometimes in life you have to make tough decisions. Life is about journeys and as one journey has ended, I have begun another journey which I am very passionate about. My passion for the industry transcends brands and I am focused on using the opportunities I have to create employment opportunities and wealth for participants in the automotive industry. The automotive sector holds a lot of untapped potential to create employment and wealth for Africans. I believe we are a catalyst to the market and we sit in an area that enables us to work with every single participant in the industry.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry