Autochek, a prominent African automotive technology firm, has recently announced its acquisition of a majority stake in AutoTager, an Egyptian automotive technology startup. This strategic move allows Autochek to expand its presence in North Africa while supporting AutoTager’s continuous growth.
Established in 2021 by serial entrepreneur Amr Rezk, AutoTager is a venture-backed startup that streamlines the car buying and selling experience by connecting dealers with serious buyers and providing technology solutions for enhanced operations. The company also facilitates easier access to verified vehicles and financing options for consumers.
This acquisition signifies Autochek’s foray into Egypt, the second-largest economy and automotive market in Africa. Egypt’s advantageous geographical location, skilled workforce, extensive domestic market, and successful government-led reforms have spurred dynamic growth, making it one of the top recipients of Foreign Direct Investment (FDI) in Africa over the past ten years.
Olajide Adamolekun, Group CFO and Co-founder of Autochek, expressed enthusiasm about Amr Rezk joining the company, stating, “Amr’s impressive background and experience will be invaluable as we enter the Egyptian market and continue our mission to enhance the automotive finance value proposition and drive growth across the African automotive ecosystem.”
Amr Rezk, CEO and Founder of AutoTager, added, “We are excited to partner with Autochek in pursuing significant and unique opportunities within the automotive industry. Autochek boasts extensive automotive expertise and offers proven strategies that have been tested and validated in numerous high-growth markets.”
This acquisition is Autochek’s third in less than a year and sixth in under two years, solidifying its position as a leading Pan-African automotive technology company. Autochek now operates actively in nine countries across East, West, and North Africa, boasting a partner-led network of over 2,000 dealers and workshop locations.
This unparalleled footprint provides unique insights into vehicle transactions and enables Autochek and its subsidiaries to address the diverse needs of stakeholders within Africa’s automotive ecosystem effectively.
Autochek’s mission is to develop the infrastructure necessary for making car ownership more accessible and affordable in Africa. Collaborating with over 70 banking partners, the company strives to enhance Africa’s automotive finance value proposition by bringing relevant stakeholders together, fostering easier access to a wider range of financing options, and stimulating growth in Africa’s automotive industry.
