Automotive technology company, Autochek has acquired a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars, to deepen its presence in North Africa and support the company’s ongoing growth.
AutoTager is a venture-backed startup that is removing the friction from the car buying and selling process in Egypt, enabling easier access to vetted vehicles and financing for consumers, and connecting dealers with serious buyers and technology solutions to improve their operations.
Amr Rezk, a serial entrepreneur who has established and co-founded various successful companies, including Fundseer, a prominent platform for private equity GP/LP coordination, founded the company in 2021. With a proven track record of creating and maintaining high-growth enterprises, Amr possesses extensive experience in operating and investing in different regions across Africa and the Middle East. Prior to his entrepreneurial journey, he worked for notable institutions such as Goldman Sachs, EFG-Hermes, and the Qatar Investment Authority, where he headed the Private Equity and Venture Capital Funds Investments Team. As an economist with an MBA from Harvard Business School, Amr has a strong academic background.
Autochek’s acquisition marks its foray into Egypt, which boasts the second-largest economy and automotive market on the African continent. Egypt’s advantageous location, proficient workforce, sizable domestic market, and effective government reforms implemented in recent years have facilitated robust expansion, making it one of Africa’s top beneficiaries of Foreign Direct Investment (FDI) during the past ten years.
Autochek’s latest acquisition marks its third within a year and sixth in under two years, cementing its status as the premier automotive technology enterprise in Pan-Africa. With current operations in nine countries across East, West, and North Africa, and an expansive partner network comprising over 2,000 dealerships and workshops, Autochek boasts an unparalleled market reach. This extensive coverage provides unrivaled access to insights regarding vehicle transactions and empowers Autochek and its subsidiaries to provide effective solutions to various stakeholders within Africa’s automotive ecosystem.
Commenting on the acquisition, Olajide Adamolekun, Group CFO and co-founder of Autochek said, “Amr’s background and track record is as impressive as it gets and I am delighted to have him on board. His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyse more growth across the automotive ecosystem. There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.”
Amr Rezk, CEO and Founder of AutoTager said, “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets. The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition. We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access allowing us to lead in our space while targeting high-quality top decile returns”.
