Autochek, an automotive technology company making car ownership more accessible and affordable across Africa, has announced the launch of Autochek Financial Services, a new arm of the business that will focus on providing a range of vehicle financing solutions for consumers and businesses across the continent.
Autochek Financial Services will continue to support Autochek’s Marketplace platform, which partners with car dealers and other service providers to make it easier for consumers and businesses to finance their vehicles. It will also provide technology and advisory solutions to car dealers, financial institutions and other stakeholders in Africa's automotive ecosystem, supporting them to improve credit decisions, collections, pricing, portfolio management and product development, as well as deliver an enhanced customer experience.
Since launching in 2020, Autochek has driven the penetration of auto-financing across Africa, enabling more consumers and businesses across North, West and East Africa to access financing solutions to purchase their desired vehicles. In less than two years of operations, the company has worked with more than 70 financial institutions and more than 2,000 dealerships to process more than 80,000 car loan applications.
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Leveraging the vast reach of its online marketplace, the company originates auto loans powered by data analytics that makes it easier for financial institutions to offer credit to consumers. With the launch of Autochek Financial Services, the company is now positioned to double down its efforts to accelerate access to finance for Africans and to improve the speed, structure and pricing of auto-financing on the continent.
Recall that in December 2021, Autochek launched an "online brand-new cars loan marketplace" to provide access to digital financing solutions for brand-new cars and trucks with repayment tenures of up to 60 months and the lowest interest rates in the market. Since its launch, Autochek has processed 80,000 loan applications.
As of the launch, the platform had a network of financing partners and over 30 vehicle brands from OEMs, including key regional players like Inchcape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa and Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), Elizade (Toyota) in West Africa. Autochek is said that it working with indigenous manufacturers such as Innosson Motors and Nord Motors.
Meet Autochek Financial Services CEO—Johan ver der Merwe
Headquartered in Johannesburg, South Africa, Autochek Financial Services will be led by Johan van der Merwe, a financial services veteran with more than 20 years of experience in risk, credit and asset finance. According to his LinkedIn profile, Johan started the role in July 2022.
"Johan brings a wealth of experience to Autochek Financial Services and we are excited to have him on board as we build the infrastructure to transform automotive commerce across Africa. We want to empower more Africans with seamless access to vehicle financing and we are looking forward to delivering more solutions to bridge the affordability gap and make it easier for more Africans to purchase the vehicles they want," Etop Ikpe, Group CEO and co-founder of Autochek, said.
Before joining Autochek Financial Services as CEO, Johan had previous roles as Chief Risk Officer at WesBank Motor (one of South Africa’s leading vehicle and asset finance providers) and SA Taxi (a vertically integrated company that provides financing, insurance and other services for the minibus taxi industry in South Africa). He will head a leadership team with more than 60 years of Africa-focused automotive and e-commerce experience.
According to Johan van der Merwe, CEO of Autochek Financial Services said "there is a great opportunity to drive shared value for consumers, manufacturers, financial institutions and other stakeholders by unlocking financing and I strongly believe that we can build the infrastructure to make this happen. Etop and the team have done a lot of outstanding work to deliver the success Autochek has seen to date and I am looking forward to working with them to deliver more success and more growth across the continent’s automotive sector".