Autochek, has announced the launch of Autochek Financial Services, a new arm of the business that will focus on providing a range of vehicle financing solutions for consumers and businesses across the continent.
Autochek Financial Services will continue to support Autochek’s Marketplace platform, which partners with car dealers and other service providers to make it easier for consumers and businesses to finance their vehicles. It will also provide best-in-class technology and advisory solutions to car dealers, financial institutions and other stakeholders in Africa’s automotive ecosystem, supporting them to improve credit decisions, collections, pricing, portfolio management and product development, as well as deliver an enhanced customer experience.
Since launching in 2020, Autochek has driven the penetration of auto-financing across Africa, enabling more consumers and businesses across North, West and East Africa to access financing solutions to purchase their desired vehicles. In less than two years of operations, the company has worked with more than 70 financial institutions and more than 2,000 dealerships to process more than 80,000 car loan applications.
Leveraging the vast reach of its online marketplace, the company will originate auto loans powered by data analytics that makes it easier for financial institutions to offer credit to consumers.
Headquartered in Johannesburg, South Africa, Autochek Financial Services will be led by Johan van der Merwe, a financial services veteran with more than 20 years of experience in risk, credit and asset finance. Before joining Autochek Financial Services as CEO, Johan had previous roles as Chief Risk Officer at WesBank Motor (one of South Africa’s leading vehicle and asset finance providers) and SA Taxi (a vertically integrated company that provides financing, insurance and other services for the minibus taxi industry in South Africa). He will head a leadership team with more than 60 years of Africa-focused automotive and e-commerce experience.