Nigeria’s Cars45 Acquires US$5 Million to Improve Its Operating Database

Nigeria’s Cars45 Acquires US$5 Million to Improve Its Operating Database

Cars45 is currently the largest car buying service in Nigeria. Cars45 has succeeded in acquiring a massive US$5 million in a Series . According to TechCrunch .This funding will be aimed at improving its online car buying and selling platform.

Recently launched in 2016, Cars45 seeks to help thousands of customers around the country sell their cars within 45 minutes in a safe, fast and smart way.

Its online platform allow car owners enter their vehicle’s information for a free valuation. If they’re satisfied with the price, they can then book an appointment at one of Car45’s inspection centres for physical inspection of the vehicle.

If the car passes the startup’s multi-point physical evaluation, which includes engine, brakes, tires and road testing, an offer is made, and once an agreement is reached the money is wired to the seller in 45 minutes.

Furthermore, the vehicle is displayed on Car45’s online platform, complete with new pricing and a digital service history, which is accessed by a private network of buyers.

Although Cars45’s value, sales volume or revenue statistics weren’t disclosed, the startup stated it has been actively buying and selling used cars since it was been  launched. It makes money from fees charged its buyers, and plans to introduce other revenue streams in the future.

The new acquired funds, raised from Frontier Car Group, which designs and runs marketplaces targeted on emerging markets in the auto sector, will be used to improve its online buying and selling platform.

“The used-car market in Nigeria is fundamentally a big hassle.There’s so much mistrust, no vehicle history, and not much of a structured dealer network,” according to Etop Ikpe, Cars45’s CEO.

He honestly said, “We’ve created something that changes all that, offering transparency, speed, convenience, and safety, in a highly frictional and opaque market.”