Automotive start-up seeks to provide a structured market for truck loans and services
Autochek, the auto tech company that aims to build solutions for the African market, has announced the launch of its online truck loans marketplace in Nigeria and Ghana, in a bid to migrate the trucking industry to online transactions and increase financing penetration. The first-of-its-kind truck loans marketplace in Africa, the launch follows Autochek’s recent expansion to Ghana, one of Africa’s most advanced automotive markets
With hundreds of truck dealers across Nigeria and Ghana on its platform, the fleet ranges from Flatbeds, Semi-trailers, Tankers as well as Heavy, Garbage and Panel trucks. As part of the roll-out, Autochek is partnering with key logistics stakeholders in Nigeria and Ghana including Kobo360, to finance trucks for African e-logistics transporters and truck owners. This means that customers interested in owning a truck can do that with financing at the best rates. The new platform is available via the Autochek Android app or website and all trucks undergo a 150-point check inspection process before being listed to guide the customers on the exact state of the trucks.
Today’s news allows the company to provide the same services to trucks as it does with the cars already listed on its platform; Autochek’s 360-degree solution provides truck financing through finance partners with core expertise in fleet financing such as Baobab Group & FundQuest with spread across Africa and competitive rates. To ensure trucks are kept on the road in good conditions, truck owners also enjoy affordable and expert maintenance services from standardised workshops and technicians in the Autochek partner network.
John Egwu, Autochek’s VP of Operations says, “Autochek’s focus has always been on transforming automotive trade on the continent. Now it is time for us to extend our services to trucks, as we build out our network and support our partners by providing a structured market for them to purchase and maintain their fleet.”
“Financing penetration for trucks is lower than 1% in Africa and our ambition is to migrate what is known to be a core offline market to a digital platform, in order to increase financing penetration and create a one-stop-shop that will not just meet partners’ needs but also ultimately increase earning capabilities and job creation across the value chain.”
Autochek, launched in 2020 by serial entrepreneur Etop Ikpe and backed by TLcom Capital, 4DX Ventures, combines technology and data to enhance the buying and selling experience across African consumers, by creating a single marketplace for all automotive needs. To date, the Autochek app already has 20,000 unique vehicles listed on its platform, and more than 12,000 dealers and private sellers as well as a range of corporate partners and customers.