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The FinTech service will also serve as a platform of financial support to Autochek’s Marketplace, Autochek’s e-commerce site, partnering with car dealers and other service providers, streamlining the process where they can finance their vehicles. It will also provide technology and advisory solutions to car dealers, financial institutions and other stakeholders in Africa’s automotive ecosystem, assisting them to enhance credit decisions, collections, pricing, portfolio oversight and product development, as well as provide an enhanced customer experience. Autochek was launched in 2020 and has gone ahead to penetrate Africa with auto-financing services, covering customers and businesses across North, West and East Africa, who are gaining access to financing solutions in order to acquire their desired vehicles. Within two years of its founding, the company has partnered with more than 70 financial institutions and more than 2,000 dealerships to process more than 80,000 car loan applications. Building on the enormous network of its online marketplace, the firm produces auto loans powered by data analytics that makes it easier for financial institutions to offer credit to consumers. With Autochek Financial Services taking off, the company is presently set to increase its efforts to accept access to finance for Africans and to boost the acceleration, system and pricing of auto-financing on the continent. Thinking back to December 2021 when Autochek launched an “online brand-new cars loan marketplace” to give access to digital financing solutions for brand-new cars and trucks with repayment cycles of up to 60 months and the lowest interest rates in the market, it has processed 80,000 loan applications.
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Since its launch, the outlet has built a network of financing partners and over 30 vehicle brands from OEMs, including key regional players like Inchcape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa and Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), Elizade (Toyota) in West Africa. Also, the leadership of Autochek started the company working with indigenous manufacturers such as Innosson Motors and Nord Motors. With its headquarters in Johannesburg, Autochek Financial Services will be overseen by Johan van der Merwe as CEO. Johan is a financial service expert with more than 20 years of experience in risk, credit and asset finance. Based on the available information on his LinkedIn profile, Johan started the role in July 2022. According to the Founder and CEO of Autocheck, Etop Ikpe:
“Johan 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.”
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Before joining Autochek Financial Services as CEO, Johan had previous roles as Chief Risk Officer at WesBank Motor (one of South Africa’s leading vehicle and asset finance providers) and SA Taxi (a vertically integrated company that provides financing, insurance and other services for the minibus taxi industry in South Africa). He will lead a leadership team with more than 60 years of Africa-focused automotive and e-commerce experience. According to Johan van der Merwe, CEO of Autochek Financial Services, he revealed:
“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”.Featured Image Source: Innovation Village
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