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  • Updated: April 18, 2023

Autochek Acquires Majority Stake In Egypt’s AutoTager Company

Autochek Acquires Majority Stake In Egypt’s AutoTager Comp

Automotive technology company Autochek has announced the acquisition of the majority of AutoTager, an Egyptian automaker in order to strengthen its position in North Africa.

Autochek made the disclosure in a statement on Tuesday in Lagos according to NAN.

It claimed that AutoTager was a business with venture capital backing that was streamlining the automobile purchasing and selling procedure in Egypt.

The company, according to the statement, made it simpler for customers to acquire pre-approved financing and automobiles, and also linked dealers with serious customers and technological solutions to help them run their businesses more efficiently.

The acquisition marks Autochek's debut into Egypt, the continent's second-largest economy and automobile market.

Autochek disclosed that the nation's advantageous geographic location, skilled labour force, sizable domestic market, and recent government-led reforms all contributed to the country's successful transformation into one of Africa's top destinations for foreign direct investment (FDI).

“This acquisition also represents the third for Autochek in less than a year and the sixth in under two years, reflecting its emergence 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 more than 2,000 dealers and workshop locations.

“This unrivalled 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," it said.

Amr Rezk, a renowned serial entrepreneur who co-created the well-known private equity GP/LP coordination tool Fundseer as well as other successful businesses, established AutoTager in 2021.

Olajide Adamolekun, co-founder of Autochek, commented on the acquisition by saying that Rezk's background and track record were impressive and that the company was happy to have him on board.

As they entered the Egyptian market and carried out their aim to strengthen the value offer for automotive finance on the continent and spur greater growth throughout the ecosystem, Adamolekun felt his knowledge would be beneficial.

He said that AutoTager and Autochek shared many similarities, and he was eager to construct it so that it might continue to grow and succeed in the months and years to come.

"We are thrilled to partner with Autochek to pursue several significant and distinctive opportunities in the automotive space," said Amr Rezk, the founder of AutoTager.

“Autochek has deep automotive expertise and several all-weather strategies that have been tested and validated in multiple complex high growth markets.

"We have access to a broad range of alternatives and state-of-the-art tools thanks to the company's enviable track record of concurrently running many business models in the automotive industry, which allows us to present AutoTager's clients with a genuinely one-of-a-kind solution, according to Rezk.

He declared that AutoTager had faith in the original equipment manufacturer and financing alliances Autochek had secured on a global scale to give them preferential access.

Rezk added that with access, they would be able to dominate their industry while concentrating on top decile returns of the highest calibre.

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