Cars45 expands business operations, targets regional
African markets
Frontline automotive industry
player, Cars45 Limited has embarked on a business expansion drive with the
objective to extend its operational networks beyond Nigeria into several other
vibrant markets across African continent.
The company, which is a leader in
the auto sales and auction segment, says it has successfully launched its
branch networks in several Nigerian cities, including Lagos, Abuja, Ilorin and
Owerri, pointing out that its current focus is to extend further to cover
potential vibrant markets across Africa.
The company, having successfully
established its business networks across several Nigerian cities, said it would
be extending its operational network to cover other regional hubs across
Africa, including Ghana, Kenya and South Africa.
Disclosing the company’s business
plans and objectives recently in an exclusive interview with MARKETING EDGE,
the Vice President, Cars45 Consumer Business Group, Dr Mayokun Fadeyibi said
the expansion project has become necessary in view of unfolding developments.
According to the company’s chief
executive, Cars45 has already extended its operational base in three regional
markets, adding that the prime focus was to ensure it continuously embark on
business expansion drive with a commitment to driving total transformation of
the automotive business landscape in Nigeria and Africa through deployment of
the latest innovative technologies.
She noted that part of the
organisation’s business objective was to continuously work with ambitious and
like -minded business entities through collaborating with established auto
dealers and market consumers in creating a robust automotive infrastructure and
ecosystem in Nigeria and across the African continent.
She stated that the company’s
ultimate objective was to intensify efforts on aggressive expansion drive in
its business through leveraging on technology to drive trust and transparency
in the automotive industry.
Fadeyibi said one of the things that
became noticeable was the fact despite the huge population potentials, there
was a huge market when it comes to automotive trade in Nigeria and Africa,
adding that a lot of the automotive trade had been done very informally and
without structures.
To this end, she said the company
was focused solidly on creating enduring structures in the automotive ecosystem
and ensuring constant supply to dealers across the markets.
Furthermore, she noted that one of
the basic challenges of the industry was the apparent dearth of data knowledge
and statistics to determine vehicular worth and pricing mechanism, stressing
that the company was working with a view to developing a reliable data base
that would be providing quality valuation and efficient verification processes
for the auto market.
“Literally, technology drives us on
a daily basis. So, we are inspecting with our own proprietary inspection
algorithm to help us inspect every single car, providing valuations, we have
our own proprietary algorithm that guides us in the pricing of cars, and then
even the fact that you are in the centre, from an inspection perspective we
have over 70 inspections centres around the country.
“We have our technology that is
guiding everyone and ensuring that we are able to do all of these inspections,
and then also even from the back end from our grading report, our inspection
algorithm, our pricing algorithm, our trade transaction is literally
facilitated by technology.
“I think we can confidently say that
we are the market maker, and when I say market it literally means nothing
existed. It was very fragmented and obstructed, and we literally started to
make the market. It will be very presumptuous of us to say that we are the
leader when there is so much left in the market to build, there is so much left
in the market to own and there is so much left in the market to grow,” she
said.
She concluded: “The fact is that
there was a goal in mind from the very beginning and then as we worked in the
market, we started to understand gaps and working to fill those gaps is guiding
us going forward. We are literately making the market and as we make and build,
we provide solutions.”
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