Egypt’s vast population and strategic location have generated considerable demand for auto financing and cars. 2021 recorded over 215,000 vehicles sold in Egypt, thus creating job opportunities for thousands of individuals in Egypt and registering Egypt as a prime market for car financing services.
This report explains Autochek’s acquisition of majority stakes in AutoTager, an Egyptian automotive technology company. Autochek’s investment has now expanded its services to East, West, and North Africa with functioning operations in nine countries, 2000 dealer partnerships, and workshop locations.
The Venture backed AutoTager is a startup that connects buyers to dealers while providing technological solutions to improve operations. Egyptians looking for tested vehicles and financing options now have access to that due to AutoTager, as it is one of the services provided by the company.
This Partnership, according to AutoTager’s CEO, will enhance their ability to push for new frontiers in the automotive industry especially given Autochek’s automotive expertise.
Autochek has a proven record of success with strategies adapted to various situations and vetted in complex high-growth markets. Their business models in the automotive industry are revolutionary and are something AutoTager will significantly benefit from. AutoTager will now have various cutting-edge automotive tools to offer its customers.
Autocheck’s CFO and co-founder, Olajide Adamolekun, believes that there are many similarities between both companies and is looking forward to maximizing that in driving more growth in the coming years. They will leverage the partnership they have with different banks so that Egyptians can have access to infrastructures that can make owning a car more affordable and accessible.
Amr Rezk, AutoTagers CEO set to lead the company still, is confident that the global financial partnerships secured by Autochek will further drive their capacity to lead in that space.
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