South Africa’s car buying market will get more financing options, thanks to automotive technology company Autochek’s new service.
In a Tuesday (Nov. 22) press release, the company said that the new Autochek Financial Services will make vehicle financing possible for customers and businesses across Africa, while also connecting back to the company’s existing car buying marketplace.
“There is a great opportunity to drive shared value for consumers, manufacturers, financial institutions, and other stakeholders by unlocking financing and I strongly believe that we can build the infrastructure to make this happen,” Johan van der Merwe, CEO of Autochek Financial Services, said.
This new financing platform will give Autochek the opportunity to expand its reach beyond the over 70 financial institutions and more than 2,000 dealerships the company has worked with over the last two years of its operation.
The company can now also give more customers access to financing tools for their latest vehicle purchase through improved speed, structure and pricing.
In fact, digital car financing platforms are a growing trend in Africa, with companies like the Canada-based TRADE X expanding its international automotive trading platform to customers in Ghana on Monday (Nov. 21).
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Some companies are even taking eCommerce vehicle buying to another level with the introduction of virtual reality experiences.
In a recent PYMNTS analysis, it was found that Carzami, an online used car retailer in Egypt, is experimenting with virtual reality, looking into technology to give customers a more detailed look at a vehicle without seeing it in person first.
While this tech is still a work in progress, companies like Carzami and Autochek are taking a huge leap forward for the region in making digital car buying and financing more accessible to consumers hoping to take vehicle commerce into the digital age.
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