Africar Group secures investment from Stellantis; launches Auto24, used-car marketplace in Côte d’Ivoire

Africar Group has secured an investment from Stellantis, one of the world’s leading automakers and a mobility provider to create a new subsidiary named Auto24, an African used-car marketplace. Auto24 has also launched operations in Abidjan, Côte d’Ivoire

According to reports, the Middle-East and Africa Used Car Market was valued at USD 18.20 Billion in 2021 and is expected to reach USD 32.20 Billion by 2027, registering a CAGR of over 10.82% during the forecast period (2022 – 2027). Based on this insight, Stellantis and Africar Group created Auto24 to take advantage of this market potential.

According to Axel PEYRIERE, co-Founder & CEO of Africar Group, “After more than five years of working with automotive manufacturers, distributors and other key players in the industry, we have developed a class leading, multi country digital automotive solution across Sub-Saharan Africa. Auto24 is being launched today with the aim to buttress the confidence of African customers in the used vehicle market. A great challenge that will allow to have a secure, convenient, trustworthy and enjoyable buying or selling used vehicle experience.”

Xavier Duchemin, Senior Vice President of the Pre-Owned Vehicles business unit at Stellantis declares: “This investment in Africar Group to create Auto24, re-enforces our strategy to grow our used vehicle business activity globally in a bold, pragmatic and agile way. It will follow the same blueprint as per the other Stellantis investments in the used vehicle ecosystem. The founders will accelerate the development of their activities while capitalizing on Stellantis yet maintaining the inventiveness, energy and agility that characterizes start-up companies.”.

In Middle East and Africa, Stellantis is the third OEM aiming to become the leading automotive group in the region with over 1 million new vehicles sold per year by 2030.

“In Sub-Saharan Africa, Stellantis offers the largest network coverage of the automotive industry with close to 124 points of sales and maintenance. Today, the partnership with Africar Group through its subsidiary Auto24 will allow us to expand our offer of mobility solutions that widely meets the customer needs in Africa.” said Mr. Samir CHERFAN, Stellantis Middle East & Africa Chief Operating Officer.

Operating in more than 40 countries in Sub-Saharan Africa, Africar Group claims to be Africa’s leading online automotive marketplace network. However, its subsidiary, Auto24 will need to compete with the likes of Autochek that is fast becoming a major player in the used-car marketplace in Africa.