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Autochek, the African-based automotive technology company, has announced its latest acquisition of a majority stake in AutoTager, an Egyptian automotive technology company that simplifies the car buying and selling process. This allows Autochek to deepen its presence in North Africa and support the ongoing growth of AutoTager.
AutoTager is a venture-backed startup that connects dealers with serious buyers and technology solutions to improve their operations. The company enables easier access to vetted vehicles and financing for consumers. AutoTager was founded in 2021 by Amr Rezk, a serial entrepreneur that has founded and co-founded multiple successful companies.
The acquisition represents Autochek’s entry into Egypt, which is Africa’s second-largest economy and the continent’s second-largest automotive market. The country’s strategic geographical position, skilled workforce, large domestic market and successful reforms undertaken by the country’s government have enabled dynamic growth and made it one of the largest recipients of Foreign Direct Investment (FDI) in Africa over the past decade.
Olajide Adamolekun, group CFO and co-founder of Autochek, expressed his delight at Amr Rezk’s joining the company. He said, “Amr’s background and track record is as impressive as it gets. His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyze more growth across the automotive ecosystem.”
Amr Rezk, CEO and founder of AutoTager, commented, “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high growth markets.”
This acquisition marks the third for Autochek in less than a year and the sixth in under two years, further cementing its position as the leading Pan-African automotive technology company. The company now has active operations in nine countries across East, West, and North Africa, with a partner-led footprint of over 2,000 dealers and workshop locations.
This unrivaled footprint enables unparalleled insights into vehicle-related transactions and positions Autochek and its subsidiaries to deliver effective solutions for the needs of a wide range of stakeholders in Africa’s automotive ecosystem.
Autochek is an automotive technology development company that is building the infrastructure to make car ownership more accessible and affordable in Africa. With more than 70 banking partners, the company is improving Africa’s automotive finance value proposition by bringing all relevant stakeholders together to enable easier access to more financing options as a catalyst for growth in Africa’s automotive industry.