Autochek has established a financial services arm focused on providing a range of vehicle financing solutions to consumers and businesses in Africa.
Autochek, an automotive technology company making car ownership more accessible and affordable across Africa, has announced the launch of Autochek Financial Services, a new division that will focus on providing a range of vehicle financing solutions to consumers and businesses across the continent.
Autochek Financial Services will continue to support Autochek’s Marketplace platform, which works with car dealers and other service providers to make it easier for consumers and businesses to finance their vehicles. It will also provide technology and advisory solutions to auto dealers, financial institutions and other stakeholders in the African automotive ecosystem, helping them improve credit decisions, collections, pricing, portfolio management and product development and provide an enhanced customer experience.
Since launching in 2020, Autochek has driven car finance penetration across Africa, giving more consumers and businesses in North, West and East Africa access to financing solutions to buy the vehicles they want. In less than two years of operation, the company has worked with more than 70 financial institutions and more than 2,000 dealerships to process more than 80,000 auto loan applications.
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Leveraging the massive reach of its online marketplace, the company issues auto loans based on data analytics that make it easier for financial institutions to offer credit to consumers. With the launch of Autochek Financial Services, the company is now able to redouble its efforts to accelerate access to finance for Africans and improve the speed, structure and pricing of auto finance on the continent.
Remember that in December 2022, Autochek launched an “online brand new car loan marketplace” to provide access to digital financing solutions for brand new cars and trucks with terms of up to 60 months and the lowest interest rates on the market.
At launch, the platform had a network of financing partners and over 30 vehicle brands from OEMs, including key regional players such as Inchcape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa, as well as Dana (Kia), Coscharis (BMW , Landrover), Globe (Mercedes Benz), Elizade (Toyota) in West Africa. Autochek is said to be working with domestic manufacturers such as Innosson Motors and Nord Motors.
Meet the CEO of Autochek Financial Services—Johan ver der Merwe
Headquartered in Johannesburg, South Africa, Autochek Financial Services is led by Johan van der Merwe, a seasoned financial services firm with over 20 years of experience in venture, credit and wealth finance. According to his LinkedIn profile, Johan started the position in July 2022.
“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 retail across Africa. We want to give more Africans seamless access to vehicle finance and we look forward to providing more solutions to bridge the affordability gap and make it easier for more Africans to buy the vehicles they want,” said Etop Ikpe, Group CEO and co-founder of Autochek .
Prior to joining Autochek Financial Services as CEO, Johan previously held positions as Chief Risk Officer at WesBank Motor (one of South Africa’s leading providers of vehicle and asset finance) and SA Taxi (a vertically integrated company providing financing, insurance and other services for the minibus) in the taxi trade in South Africa). He will lead a leadership team with more than 60 years of automotive and e-commerce experience with a focus on Africa.
Johan van der Merwe, CEO of Autochek Financial Services, said: “There is a tremendous opportunity to increase shared value for consumers, manufacturers, financial institutions and other stakeholders by unlocking financing, and I strongly believe that we can Build infrastructure to make this happen Etop and the team have done an excellent job of delivering Autochek’s success to date and I look forward to working with them to achieve greater success and greater growth across the continent’s automotive sector. “
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