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Stellantis investment gives birth to used vehicle start-up
Stellantis, a leading global automaker and mobility provider, has invested in Africar Group to create Auto24, an African used-vehicle start-up. Auto24 is billed as a faster and safer way to buy and sell used vehicles across the continent.
With the African population set to reach 1.7 billion by 2030, the Stellantis investment is part of a strategy to grow the company’s mobility solution portfolio and reinforce its commitment to customer centricity.
Operating in more than 40 countries in Sub-Saharan Africa, Africar is already considered as one of Africa’s leading online automotive marketplace networks. During the last five years, it has enabled over 25 million car buyers and sellers to trade used cars through its online channels.
Axel Peyriere, co-founder and chief executive of the Africar Group, said, “After more than five years of working with automotive manufacturers, distributors and other key players in the industry, we have developed a class leading, multi country digital automotive solution across Sub-Saharan Africa.
“Auto24 is being launched with the aim to buttress the confidence of African customers in the used vehicle market. A great challenge that will allow to have a secure, convenient, trustworthy and enjoyable buying or selling used vehicle experience.”
Stellantis’s senior vice president of the pre-owned vehicles business unit, Xavier Duchemin, said, “This investment re-enforces our strategy to grow our used vehicle business activity globally in a bold, pragmatic and agile way. It will follow the same blueprint as per the other Stellantis investments in the used vehicle ecosystem.
“The founders will accelerate the development of their activities while capitalising on Stellantis yet maintaining the inventiveness, energy and agility that characterises start-up companies.”
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