- Cars45 has launched operations in Ghana and Kenya.
- Etop Ikpe, CEO of Cars45, says the expansion provides a creates a structure for trading cars on the continent.
- African used car market is a multi-billion dollar market, and Cars45 plans to break into it with its tech-enabled marketplace.
To tap into the $45 billion Africa's automotive retail sector, Cars45 has launched operations in Ghana and Kenya.
The Nigerian automotive tech-enabled platform said plans are at top gear to increase its footprint in the countries by opening centers across the cities.
Commenting on the expansion, Etop Ikpe, CEO and co-founder of Cars45, said, “We want to connect buyers and sellers across the continent in the most seamless way, taking the stress out of the trading experience. After successfully establishing ourselves in Nigeria, expanding into Ghana and Kenya made perfect sense as the ideal next step as we build a transparent and fair structure for trading cars on the continent.
Ikpe added that “the process of buying and selling cars today can be complicated, time-consuming and needlessly expensive. We want to put an end to that by providing an easy and convenient way for consumers across Africa to make what is often the most significant financial transaction of their lives.”
Africas used car market
Used cars are among the leading imports on the continent. The 2016 Deloitte report revealed that Africa imports account about four times more automotive products than it exports, with automotive imports worth $48 billion as of 2014.
The automotive market, Cars45, sees the potential market with its online trading platforms with additional expansion into African markets in 2020.
With more than 9 million used cars traded annually, Cars45 believes its platform will link buyers and sellers using its marketplace.