This archive report was first published on 23 October 2019.
Nigeria's Cars45 Expands to Kenya with $170m War Chest ¶
October 23, 2019, marked a significant milestone for Cars45, a Nigerian automotive trading platform, as it launched in Kenya with a substantial war chest of over $170m.
The platform, operated by Frontier Car Group, has raised $22m from EchoVC in 2017, $58m in May 2018, and $89m in the same month from Naspers. This investment has enabled Cars45 to expand its services across Africa, including Ghana and Kenya.
Frontier Car Group announced the launch of Cars45 in Ghana and Kenya last year, targeting South Africa's Johannesburg, Cape Town, and Pretoria with 'car inspection lots' for its premium services.
According to Mayokun Fadeyibi, Vice President of Consumer-to-Business services, 'Cars45 is a consumer-first and value-driven business, always seeking new and innovative ways to make the car trading process as seamless as possible for consumers.' The Premium Inspection Service, launched in Lagos, allows Cars45 to reach individuals who are unable to visit any of its inspection centers but would still like to use its service to sell their cars.
Cars45 also provides fleet liquidation, vehicle auctions, concierge services, and vehicle financing in partnership with financial institutions. The platform has recently launched car importation, allowing users to easily import their cars via its online platform without the hassle of doing all the paperwork and tracking on their own.
