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Used-car Market is Driving Car Ownership in Africa

Cars45, a Nigerian automotive trading startup which launched operations in 2016, wants the used-car-buying market to be: organised, fast, transparent and hassle-free. The traditional purchase process – where a seller would wait for weeks to find a buyer and contend with haggling – can be exhausting. Sellers of used cars have to drop their vehicles with an auto repair shop to find a buyer, or list their cars on online trading websites and social media. Started in 2016 by Etop Ikpe, the former commercial director of Nigerian e-commerce firm Konga, and other entrepreneurs, Cars45 uses its digital platform to improve the buying, selling and swapping of used cars. A prospective seller visits the website, fills out an evaluation form with details of the brand, model, gear type, and year of manufacture, and receives a quote based on current market value. The seller takes the vehicle to Cars45’s inspection centres, where auto experts examine its condition. A price is agreed and payment made within an hour. Buyers then visit the retailer’s sites to purchase the new and pre-owned cars or trade in their vehicles.