This archive report was first published on 21 October 2021.
On October 21, 2021, Autochek, a leading automotive technology company, marked its official launch in Kenya as part of its pan-African expansion.
Kenya's growing market, with a credit penetration rate of 27.5% and over 400,000 car sales per annum, presents a significant opportunity for auto financing. Autochek will leverage its 360-degree automotive solutions to provide vehicle financing and after-sales services through its finance partners, including NCBA Group, Caritas MFB, KKVL, Musoni, and Sidian.
With Cheki Kenya's operations fully integrated with Autochek's, the company now boasts over 12,000 unique vehicles listed on the Autochek app. Autochek has also onboarded licensed brand new car manufacturers, such as Inchcape, CFAO Group, and CMC Motors, as well as used car dealers like Al Rahim, Autobox, Newton, Mombasa Khushi, and Canon Motors.
Autochek's partner network offers customers in Kenya access to affordable and expert maintenance services from standardized workshops, including AutoXpress, Motor Consult, Kei Cars, and insurance partners PesaBazaar and MTEK.
Launched in 2020, Autochek combines technology underpinned by data analytics to deepen auto finance penetration across the continent. Powered by its residual value algorithm, Autochek can pre-qualify customers for financing and disburse auto loans within 48 hours through a single application process.
Autochek closed a $3.4 million pre-series A round co-led by TLcom Capital and 4DX Ventures in 2020.
