Autochek Acquires Cheki Nigeria, Cheki Ghana

By September 16, 2020 NEWS

Automotive technology company, Autochek, has acquired online car platform, Cheki Nigeria and Ghana.

A statement from the firm noted that Cheki Nigeria and Cheki Ghana were previously part of Ringier One Africa Media’s portfolio of leading online marketplaces.

The statement titled ‘ROAM Africa sells Online Car Platforms Cheki Nigeria and Cheki Ghana to Autocheck’, was emailed to our correspondent on Tuesday.

It said that a new platform would be relaunched by the end of 2020.

According to the statement, the firm has identified a number of challenges in the car purchase market on the continent, and is looking to use technology to transform the buying and selling experience of automobiles.

It lamented the unavailability of auto financing for consumers across Africa.

It said, “Despite the average price of used cars in Africa standing at $5,000 (almost three times the current GDP per capita – $1,720), with credit penetration in the auto market at less than one per cent, almost every used car is bought without any institutional finance.

“Autochek aims to address this issue by making auto financing more accessible to consumers across Africa.”

Cheki’s parent company, ROAM Africa, Ringier One Africa Media, has now transferred ownership and operational control to Autochek, and all Cheki Nigeria and Cheki Ghana outlets will now be rebranded as Autochek, according to the statement.

Meanwhile, Cheki Kenya would not be sold but remain fully owned and operated by ROAM Africa.

Speaking on the acquisition, Etop Ikpe, Chief Executive Officer of Autochek said, “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 current Cheki Nigeria and Cheki Ghana team remains intact with Cheki Nigeria’s current CEO, Chimezie Okonkwo, staying on with the new company.

Source: Punch