Stellantis buys stake in Africar Group to create Auto24, a used vehicle start-up

Africar Group and Stellantis have announced the launch of Auto24 activities in Abidjan, Ivory Coast. Auto24 is a direct-to-consumer used car company that brings new, innovative solutions ensuring transactions are conducted in a transparent and secure manner.

With the African population set to reach 1.7 billion by 2030 and a car-park already at 50 million units (according to an OICA report), Stellantis has acquired a stake in Africar Group to create Auto24 and take advantage of this market potential. The investment is a new building block in the global strategy of Stellantis to develop its mobility solution portfolio and reinforce its commitment to customer centricity. It is also an illustration of the plan Dare Forward 2030, in one of the seven accretive businesses targeted by Stellantis.

(TOP: The Auto24 team).

Operating in more than 40 countries in Sub-Saharan Africa, Africar Group is Africa’s leading online automotive marketplace network. During the last five years, it has enabled over 25 million car buyers and sellers to trade used cars through its online channels.

Axel Peyriere, the co-founder and CEO of Africar Group said: “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, the Senior VP of the Pre-Owned Vehicles business unit at Stellantis, noted: “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 Samir Cherfan, the Chief Operating Officer for Stellantis Middle East & Africa.

Africar Group is an Australian entity which owns, operates and grows the largest network of automotive marketplaces in Africa. With operations in more than 45 countries, and covering markets totalling more than 1 billion people, the firm has been helping millions of buyers and sellers of pre-owned vehicles to transact safer and easier over the last 5 years. Africar Group is a venture initiated by Emerging Classifieds Ventures, specialising in building and operating marketplaces in emerging markets.

Stellantis is one of the world’s leading automakers and a mobility provider. Its brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys.


Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.