Cars45 has expanded its footprint to Ghana and Kenya, weeks after its parent company Frontier Car Group closed a $400m Series D funding round.
FCG, which operates in 10 countries, including Nigeria, is an online marketplace for used cars. The company operates primarily in emerging markets where low disposable incomes mean that brand new cars are out of the financial reach of a majority of people.
The company differentiates itself from other used car dealers by carrying out inspections on all vehicles and grading these vehicles when they are listed. The Grades A-E suggest the condition of the vehicles, making it easy for prospective customers to sift through their listing.
The move into Ghana and Kenya hardly marks the end of their expansion efforts in Africa, with reports that the company will likely launch in other African cities in 2020.
According to Etop Ikpe, CEO and co-founder of Cars45, “We want to connect buyers and sellers across the continent in the most seamless way, taking the stress out of the trading experience. After successfully establishing ourselves in Nigeria, expanding into Ghana and Kenya made perfect sense as the ideal next step as we build a transparent and fair structure for trading cars on the continent.
Ikpe added that “the process of buying and selling cars today can be complicated, time-consuming and needlessly expensive. We want to put an end to that by providing an easy and convenient way for consumers across Africa to make what is often the most significant financial transaction of their lives.”