StageSeed VC - III | Alive
Last Raised$13.1M | 2 yrs ago
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Research containing Autochek
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Autochek in 2 CB Insights research briefs, most recently on May 24, 2022.
Expert Collections containing Autochek
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Autochek is included in 2 Expert Collections, including Auto Commerce.
Companies involved in the rental, selling, trading, or purchasing of cars, RVs, trucks, and fleets, including auto financing companies, vehicle auction services, online classified advertising companies with a focus on auto, and dealership software platforms.
Latest Autochek News
May 9, 2023
New insights from a sample of 55,000 car-related transactions on the Autochek platform has revealed that millennials are more likely to apply for car loans than any other age group, with 75 percent of applications, compared to 13 percent for Generation X, 11 percent for Generation Z and 1 percent for Baby Boomers. About The Data The data, which covered transactions from Kenya, Ghana, Nigeria, Cote d’Ivoire and Uganda, and represents a subset of Autochek’s overall transaction volume, also suggests that millennials were the top purchasers of cars across the continent. In multiple markets, millennials were responsible for the most sales, with more than half of vehicles sold in some markets. Gen X was typically in second place in most markets, with Baby boomers and Gen Z following behind. With increasing access to education, technology, and employment opportunities, many millennials in Africa are earning higher income, becoming increasingly financially stable and are seeking ways to improve their standard of living, including buying cars as a symbol of status and mobility. When it came to the choice of cars, Toyota was the top choice and led sales across the markets surveyed, except for Côte d’Ivoire where Suzuki was the top choice. Despite Toyota being the preferred car, with 56 percent sales in Nigeria, 37 percent in Ghana, 46 percent in Kenya, 49 percent in Uganda, the data also shows that millennials were also purchasing luxury brands, such as Lexus and Mercedes Benz among others. What They’re Saying According to Johan van der Merwe, Chief Executive Officer of Autochek Financial Services: “The trend of millennials driving car sales and finance across Africa is expected to continue as this generation becomes more financially independent and the continent’s economy continues to grow. Our main focus at AFS is to improve institutional credit access for automotive transactions from the current average of 2% to 50% across Africa, and catalyse the benefits that come with improved mobility“. By The Numbers Despite being a $45bn industry, Africa’s automotive market only has a 2% financing penetration rate, compared with the average of around 60-75 percent in emerging markets. At the same time, vehicle penetration is low, with 44 vehicles per 1,000 people in Africa, compared to the global average of 180.
Autochek Frequently Asked Questions (FAQ)
Where is Autochek's headquarters?
Autochek's headquarters is located at 1 Sylvia Crescent, Lagos.
What is Autochek's latest funding round?
Autochek's latest funding round is Seed VC - III.
How much did Autochek raise?
Autochek raised a total of $16.5M.
Who are the investors of Autochek?
Investors of Autochek include TLcom Capital, 4DX Ventures, Golden Palm Investments Holding Co., Enza Capital, Mobility 54 and 5 more.
Who are Autochek's competitors?
Competitors of Autochek include Sylndr and 1 more.
Compare Autochek to Competitors
Planet42 provides a mobility finance platform offering customers access to personal vehicles. It uses a scoring algorithm to process client applications based on the credit bureau, affordability, and alternative data. It analyses the customer’s validation documents, such as identifications (IDs), payslips, and bank statements, before purchasing the car from the dealership and renting it to the customer. The company was founded in 2017 and is based in Johannesburg, South Africa.
FlexClub has developed an online platform for owners to rent their vehicles to Uber Driver-partners.
Carswitch is an online platform for buying and selling used cars. Its services include advertising, collecting calls, arranging test drives, closing the paperwork, and more. It was founded in 2016 and is based in Dubai, United Arab Emirates.
Dubi Cars is an online car market. It is based in Dubai, United Arab Emirates.
OpenSooq is an Arabic-language, online classifieds platform facilitating the free trade of property, cars, products, and services between users.
SellAnyCar.com offers car buying services. It provides instant car valuation, car inspection, and a guarantee to purchase any car within 30 minutes. It was founded in 2013 and is based in Dubai, United Arab Emirates.
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