Autochek, the auto tech startup founded in Nigeria that aims to build solutions for the African market, has announced the launch of its online truck loans marketplace in Nigeria and Ghana. The startup says the newly announced truck loans online marketplace is the first-of-its-kind in Africa and it is part of its plans to migrate the trucking industry to online transactions and increase financing penetration.
The solution that Autochek provides offers truck financing through fleet finance partners such as Baobab Group & FundQuest.
“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,” said John Egwu, Autochek’s VP of Operations.
Logistics in Africa
One of the key challenges across Africa is logistics, especially when it comes to the transportation of goods between different African countries.
Rail networks barely connect between different African countries and cargo flights are not only more expensive but have roundabout routes that sometimes go via Europe to deliver goods between African countries. The situation is no different in Nigeria and Ghana where Autochek is launching its truck loans online marketplace.
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.
Combining technology and data
Autochek was launched in 2020 by Etop Ikpe. At the time of founding it was backed by TLcom Capital, 4DX Ventures.
The startup combines technology and data to enhance the buying and selling experience 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.
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. 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.
“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, 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.”
Source: iafrikan.com