Autochek launches fintech arm to accelerate vehicle financing in Africa
Autochek has launched a financial services arm to focus on providing a range of vehicle finance solutions for consumers and businesses in Africa.
Autochek, an automotive technology company that makes car ownership more accessible and affordable across Africa, has announced the launch of Autochek Financial Services, a new part 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 its launch in 2020, Autochek has driven the penetration of auto finance across Africa, enabling more consumers and businesses in North, West and East Africa to access financing solutions to buy the vehicles they want. In less than two years of operation, the company has worked with more than 70 financial institutions and more than 2,000 dealers to process more than 80,000 car loan applications.
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Leveraging the vast reach of its online marketplace, the company creates car loans powered by data analytics that make it easier for financial institutions to offer credit to consumers. With the launch of Autochek Financial Services, the company is now positioned to redouble its efforts to accelerate access to finance for Africans and improve the speed, structure and pricing of auto finance on the continent.
Remember that in December 2022, Autochek launched an “online marketplace for brand new cars” to provide access to digital financing solutions for brand new cars and trucks with repayment terms of up to 60 months and the lowest interest rates in the market.
From launch, the platform had a network of financing partners and over 30 vehicle brands from OEMs, including key regional players such as 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 to be working with indigenous manufacturers such as Innosson Motors and Nord Motors.
Meet the CEO of Autochek Financial Services—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 equity financing. 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 delighted to have him on board as we build the infrastructure to transform automotive retail across Africa. We want to empower more Africans with seamless access to vehicle finance and we look forward to to provide more solutions to bridge the affordability gap and make it easier for more Africans to buy the vehicles they want,” said Etop Ikpe, CEO and co-founder of Autochek.
Prior to joining Autochek Financial Services as Managing Director, Johan previously held roles as Chief Risk Officer at WesBank Motor (one of South Africa’s leading providers of vehicle and capital finance) and SA Taxi (a vertically integrated company offering finance, insurance and other services for the minibus) taxi industry in South Africa). He will lead a management 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 huge 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 look forward to working with them to deliver more success and more growth across the continent’s automotive sector” .
