Cars45

From Communauté de la Fabrique des Mobilités



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Short description: Cars45 is a platform that allows used-vehicle owners to evaluate, buy and sell their cars in 45 minutes

Full description: The problem : Nigeria spends 1.7 billion EUR every year importing about 50,000 new cars and 150,000 used cars. Most of these imports are from USA, Canada & Asia. Car45 adresses the problem of trust issues and in Nigerian Car selling market. Car45 provides a reliable service to buy or sell cars in a highly frictional and opaque market.

The solution : Founded by Etop Ikpe, Cars45 is a platform that allows used-vehicle owners to evaluate, buy and sell their cars in 45 minutes. It is an online commerce that makes it easy to search, bid, buy cars, and save money by giving the best prices on Nigerian used cars. People who want to sell their car simply get an Online Car Valuation, schedule an appointment with auto experts in one of the  35 Car45’s inspection centers in Nigeria finally find an agreement on price  variations to to current status of the car and get paid in 45 minutes directly on a bank account. The service also offers a pre-purchase inspection and fleet liquidation for companies.

State of development: 35 inspection centers so far, with an extensive variety of pre-inspected Cars45 certified used cars from across the country. Car45 even creates its own Merchant Academy that offers a program designed to help people becoming fast growing auto-entrepreneurs. The Merchant Academy provides training on car trading, enables participation in online auctions, and provides mentorship from the big players in the industry. In March 2018, Car45 partnered with Kia motors Abuja and CIG Motors Co. Ltd, authorized distributor of GAC Motor Vehicles.

Funds raised: $5 million raised from several venture capitalists

Business model: The startup’s business model is essentially relying on fees from the private network of pre-verified buyers.

Ambitions: Car45’s main ambition is to expand to the rest of Africa. Cars45 is growing and possibly ready to reach and expand to other African countries within few years. The assumption being that, for the larger population in most African countries, new cars remain out of range and the used car model remains predominant.

In the context of E-commerce in Africa : There are very few e-commerce services that provide car services apart from JumiaCar. Nevertheless services such as Car45 are essential and meet a true need for African consumers, namely to buy and sell a good quality car at a moderate and fair price.

Appreciation: Compared to other services in Nigeria, Car45 provides access to a pool of certified cars, document verification, simplified paperwork and car transfers and payments.

Links to know more : https://medium.com/@ic7africa/45-minutes-is-all-it-takes-to-sell-your-used-car- in-nigeria-e25d03dcc5b5

Text prepared by Charlène Kouassi

Tags: occasion, Movin'On LAB Africa (OMA), car

Fabmob member:

Theme: Africa

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Website: https://www.cars45.com/

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Countries of deployment: Nigeria

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Community(ies) of interest: Communauté des acteurs en Afrique

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