Autochek, an automotive technology company, has announced the launch of a financial service arm.
According to the firm, its new business arm will focus on providing a range of vehicle financing solutions to consumers and businesses across the continent.
The firm added that since it launched in 2020, it has worked with more than 70 financial institutions and more than 2,000 dealerships to process more than 80,000 car loan applications.
The Group Chief Executive Officer and co-founder of Autochek, Etop Ikpe, said, “Johan Johan van der Merwe brings a wealth of experience to Autochek Financial Services and we are excited to have him on board as we build the infrastructure to transform automotive commerce across Africa.
“We want to empower more Africans with seamless access to vehicle financing and we are looking forward to delivering more solutions to bridge the affordability gap and make it easier for more Africans to purchase the vehicles they want.”
The Chief Executive Officer of Autochek Financial Services, Johan van der Merwe, claimed, “There is a great 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 am looking forward to working with them to deliver more success and more growth across the continent’s automotive sector.”
The firm explained it will leverage its online marketplace to originate auto loans powered by data analytics to make it easier for financial institutions to offer credit to consumers.
In a statement, it said, “With the launch of Autochek Financial Services, the company is now positioned to double down its efforts to accelerate access to finance for Africans and to improve the speed, structure, and pricing of auto-financing on 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.
He assured customers that Autochek Financial Services will also provide best-in-class 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.
