Stellantis, an automotive manufacturing corporation has staked an investment in Africar Group, a digital automotive marketplace in Africa to launch Auto24, a used vehicle startup in Abidjan, Ivory Coast.
Auto24 is a direct-to-consumer used car company that provides its users a faster and safer way to buy and sell used vehicles by bringing new, innovative solutions and ensuring transactions are conducted in a transparent and secure way.
With the growing population in Africa, which is set to reach 1.7 billion by 2030 and a car-park already at 50 million units, Stellantis is looking to take advantage of this market potential and increase its stake in the used car market with its new investment in Africar Group, a leading online automotive market place that has enabled over 25million car purchases through its online channels in Africa, to create Auto24.
Stallentis has said that its investment in Africar Group to create Auto24, will help to re-enforce its strategy to grow its used vehicle business activity globally in a bold, pragmatic and agile way, following the same blueprint of its other investments in the used car ecosystem.
“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," says Samir CHERFAN, Stellantis Middle East & Africa Chief Operating Officer in a statement.