In order to strengthen its position in North Africa and support the business’ ongoing growth, AutoTager, an Egyptian automotive technology company that makes it simpler to find and buy cars, has announced the acquisition of a majority stake from Autochek.
AutoTager is an automotive technology company that makes car ownership more accessible and affordable across Africa.
It is a venture-backed firm that is streamlining the purchasing and selling of cars in Egypt, giving consumers faster access to pre-approved financing options and vehicles, and connecting dealers with serious buyers and technological solutions to enhance their business processes.
Amr Rezk, a prominent serial entrepreneur who also co-created the industry-leading private equity GP/LP coordination platform Fundseer, started the business in 2021.
Amr has a proven track record of establishing and maintaining high growth businesses. Amr has extensive expertise working in and investing in diverse geographies throughout Africa and the Middle East.
It formerly had positions with a number of significant organisations, including Goldman Sachs, EFG-Hermes, and the Qatar Investment Authority, where he oversaw the team responsible for investing in private equity and venture capital funds. He studied economics in college and has an MBA from Harvard Business School.
With this transaction, Autochek has gained access to Egypt, the continent’s second-largest economy and automobile market.
Due to its advantageous geographic location, skilled labor force, sizable domestic market, and recent government-led reforms that were successful, the nation has experienced rapid economic growth and is now one of Africa’s top destinations for foreign direct investment (FDI).
This acquisition marks Autochek’s third in less than a year and sixth in less than two, demonstrating the company’s ascent to the top position in Pan-African automotive technology.
With a partner-led footprint of more than 2,000 dealers and workshop locations, the organisation presently has active operations in 9 countries throughout East, West, and North Africa.
This unrivaled reach offers unmatched insights into transactions involving vehicles and places Autochek and its subsidiaries in a position to provide practical solutions for a variety of stakeholders’ demands in Africa’s automotive ecosystem.