Autochek will operate in Nigeria, Ghana and Kenya where Cheki runs new and second-hand car sales, car importation services, car loans and financing and has had a significant number two or number three market positions in its markets.
Though with the backing of Ringier and the formation of Ringier One Africa Media in November 2017 with plans to create the leading classifieds group in Sub-Saharan Africa.
Ringier acquired One Africa Media’s vertical classifieds businesses Jobberman, BrighterMonday, Cheki, BuyRentKenya and Private Property Nigeria but seems the classifieds business has not been any good. The sale of Cheki Africa, if confirmed, will be the end of Carey Eaton’s legacy at One Africa Media.
At the time of the merger, Clemens Weitz, new ROAM CEO, said: “We are privileged to contribute to the positive disruption that digital solutions bring to our African markets. Many markets are still highly non-transparent, informal and fragmented. Buyers are typically overcharged due to asymmetrical information, and jobseekers defrauded by fake companies. Our goal is to empower Africans through transparency, and transform markets through technology. Every month we already reach millions of users, and the growth potential is huge, with the number of smartphones expected to increase fivefold by 2025.”
With the increasing use of social media, marketplaces like Cheki have been struggling and Cheki has not been spared. The online marketplace has seen a dwindling number of its inventory, market position as well as an exit of some of its top executives.
Like all other car marketplaces, Cheki doesn’t sell cars directly but offers an advertising platform for users to buy and sell their cars, vans, trucks, and other vehicles. It also provides a market for car dealers, importers, and individual sellers using its web portal, apps, and social media as well as events.
If Cheki sells to AutoChek as indicated and if the former Cars45 CEO Etop Ikpe will be its CEO, then we expect to see a very strong and dynamic team joining AutoChek too as Cars45 had fired a number of top executives in its bid for growth and new leadership.