Autochek acquires majority stake in Egypt’s AutoTager [Techcabal]
Nigerian automotive technology company, Autochek, has acquired a majority stake in Egyptian auto tech firm, AutoTager, in a bid to establish its presence in Egypt, its second acquisition in North Africa after acquiring Moroccan KIFAL Autos last year. This acquisition marks Autochek’s sixth in two years and expands its footprint in East, West, and North Africa. With active operations in nine countries, Autochek boasts a partner-led footprint of over 2,000 dealers and workshop locations.
AutoTager is a venture-backed start-up that connects dealers with buyers, providing technology solutions to improve their operations, while also giving Egyptians access to vetted vehicles and financing options. Given Egypt’s position as the second-largest passenger car market and the third-largest economy in Africa, it is a strategic market for car financing services. In 2021, over 215,000 cars were sold in Egypt, leading to the creation of thousands of jobs. Autochek plans to use its partnership with various banks to provide Egyptians with the infrastructure to make car ownership more accessible and affordable.
AutoTager’s CEO, Amr Rezk, will still lead the company. “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets.”
“The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access, allowing us to lead in our space while targeting high-quality top decile returns,” he added.
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