M a r k e t N e w s

Cars45 expands into Ghana and Kenya multi-billion dollar African used car market

Posted on : Thursday , 12th December 2019

Cars45 plans to break into African used car market, a multi-billion dollar market with its tech-enabled marketplace.

In order to tap into the $45 billion Africa automotive retail sector, Cars45 has launched operations in Kenya and Ghana. The Nigerian automotive tech-enabled platform stated that plans are at top gear to upsurge its footprint in the countries by inaugurating centers across the cities.

Remarking on the expansion, Etop Ikpe, CEO and co-founder of Cars45, mentioned, we want to associate buyers and sellers across the continent in the most seamless way, taking the worry out of the trading experience. After fruitfully establishing ourselves in Nigeria, getting bigger into Ghana and Kenya made perfect sense, as the ideal next step as we construct a translucent and fair structure for trading cars on the continent.

Ikpe further added that the process of buying and selling cars at present can be complex, time-consuming and unnecessarily expensive. We wish to put an end to that by providing a stress-free and convenient way for consumers across Africa to make what is often the most important financial transaction of their lives.

Used cars are among the most leading imports on the continent. 2016 Deloitte report revealed that, Africa imports account around 4 times more automotive products than it exports, with a notable automotive imports worth $48 billion as of 2014.

The automotive market, Cars45, perceives the prospective market with its online trading platforms with superfluous expansion into African markets in 2020. With more than 9 million used cars traded each year, Cars45 believes that its platform will connect buyers and sellers using its marketplace.

 

Source : www.hdh.com
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