Auto24, an Ivorian Startup acquires Tanzania’s Kupatana after its expansion into South Africa, Senegal, and Morocco. The company according to the source of this development would pay $71,900 in cash on the closing date, which as you should know is undisclosed.
Auto24 Acquires Tanzania’s Kupatana
Auto24, an online automotive marketplace launched by Africar in September 2022 in collaboration with Stellantis, is making significant strides in its expansion across Africa. After its initial launch in Abidjan, Côte d’Ivoire, Auto24 is set to extend its operations into Morocco, Rwanda, Senegal, and South Africa in 2023. This expansion represents a considerable growth phase for the company just a year after its inception.
Auto24 distinguishes itself by offering warranties, insurance, and a comprehensive 150-point inspection on vehicles. The platform showcases a wide range of over 20 car brands, including BMW, Ford, Honda, Hyundai, Isuzu, Jeep, Kia, Mitsubishi, and Nissan, among others. While the prices for the cars are fixed and non-negotiable, potential buyers have the opportunity to view these vehicles in person at Auto24 showrooms.
Auto24 Plans To Establish a Public Electric Vehicle Charging Station in Abidjan
In a move towards sustainable transportation, Auto24 announced in December 2022 its plans to establish a public electric vehicle charging station in Abidjan, Côte d’Ivoire, in partnership with EV.Tech, a local company specializing in electric vehicle charging solutions. This initiative underscores the growing emphasis on eco-friendly transportation options in Africa.
Africa’s Automotive Market
Africa’s automotive market is notable, with the continent housing approximately 50 million vehicles, accounting for just 1% of global car ownership. However, it represents a significant portion of the global market for imported used vehicles, at 40%. The African used car market, valued at $40.45 billion, is projected to grow to $61.24 billion by 2029.
Tanzania, with a population of around 65 million and an anticipated GDP growth of 6.3% by 2024, presents a promising market for used cars. The Tanzanian used car market, currently valued at $38.50 million, is expected to rise to $55.66 million by 2029. Auto24 plans to tap into this potential through an acquisition and a planned launch in Tanzania in 2024.
What You Should Know About the Tanzanian Brand Kupatana
The Tanzanian brand Kupatana, known for being one of the country’s pioneering classifieds websites, merged with Roam’s ZoomTanzania in December 2021, creating a new combined online marketplace. Euroafrica Digital Ventures acquired the rights to market and operate these platforms.
At the time of their merger, ZoomTanzania and Kupatana boasted 87,000 and 62,000 listings, respectively, with an average of 500,000 monthly visits. This acquisition marks Roam’s exit from the East African classified platforms, paving the way for Auto24’s entry into the Tanzanian market.
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