TheCable

Autochek, a Nigerian automotive technology company, has entered into an agreement with Ringier One Africa Media (ROAM) to acquire Cheki Kenya and Uganda.

ROAM acquired Cheki in 2017 and joined a list of online marketplaces and classifieds in its network, such as Jobberman in Nigeria and Ghana.

Autochek said the acquisition of Cheki — an online car platform classified for dealers, importers, and private sellers — is the next step to expand its footprint in East Africa and continue its mission to provide seamless access to auto financing across the continent.

The auto tech firm said part of the agreement would see ROAM Africa transfer ownership and operational control to Autochek.

Etop Ikpe, Autochek founder/CEO, described the acquisition of Cheki Kenya and Uganda as an important milestone for the company, and “we are excited to be working with ROAM Africa once again, building on their achievements over the past years”.

“We are long-time admirers and collaborators of the Cheki brand. Following today’s news, we intend to provide even more trust and transparency in East Africa’s automotive sector, leveraging the unique networks we are now joining together,” he said.

In his remarks, Clemens Weitz, ROAM Africa CEO, said Autochek’s product is unique with a game-changing consumer experience.

“Our Cheki team has built a unique, market-leading brand and a truly remarkable business. Whilst this is good news for everyone directly involved, the ultimate benefactor will be African car buyers and sellers,” Weitz said.

“For ROAM Africa, this deal is more than a very good transaction: It unleashes even more focus on the strategic playbook for our core businesses.

“We have a clear strategy that will further strengthen our leading marketplaces and invest in innovative product solutions.

“The opportunity is now bigger than ever since the pandemic has vastly accelerated digitisation across the continent. In the last two years, our businesses recorded unprecedented growth. Thus, our commitment to connect Africans to opportunities remains strong.”

The company said the new deal will be finalised in the coming weeks.

Autochek had acquired Cheki’s operations in Nigeria and Ghana in September 2020.