By Ashemiriogwa Emmanuel
A leading auto dealership in Nigeria, Coscharis Motors, has partnered with Sterling Bank Plc to offer a vehicle finance scheme to allow retail and fleet buyers to purchase their choice vehicles through a repayment plan from the bank.
The partnership has also seen that the auto company lists its vehicles on the bank’s Non-Interest Banking Division platform- AltDrive to equally promote e-commerce transactions.
With this, customers are offered an online retail marketplace where vehicular brands sold by Coscharis Motors can be accessed and purchased either through self-funding or credit finance from Sterling Bank.
The Coscharis Group General Manager, Marketing and Corporate Communications, Mr Abiona Babarinde, while commenting on the idea, said that, “We took this strategic decision earlier in the year to collaborate with relevant stakeholder partners to be able to give our numerous discerning customers and prospects alike the soft landing of owning any of our vehicles with ease in terms of providing friendly financial schemes.”
According to him, the repayment pattern can be expanded for up to five years, of which customers can choose between 15 per cent to 30 per cent initial payment.
He said this is coupled with the bank’s friendly interest rate and ease of accessibility to a plethora of car brands to aid customers’ ultimate satisfaction.
“This ultimately gives anyone the capability to purchase any of our brands with more convenient payment terms with any of our partners like the Sterling Bank.
“We started this initiative with one of our sister companies in the group, Coscharis Mobility, representing sixth in Nigeria amongst some other financial institutions while others are in the pipeline to come on board,” Mr Babarinde added.
Ibadan Tanker Explosion: OYRTMA Issues Traffic Advisory
By Aduragbemi Omiyale
The Oyo State Road Transport Management Authority (OYRTMA) has advised road users to use alternative routes, while its men and other relevant agencies strive to return normalcy to the route.
This traffic advisory became necessary following an explosion of a petrol-laden tanker along the Agodi area in Ibadan, the state capital.
The Chairman of OYRTMA, Mr Akin Fagbemi, in a statement on Friday, stated that efforts were being made to bring the situation under control.
He stated that “the incident, which resulted to the slagging of powered electric poles and cables dangling across the road, portends danger to motorists plying the route hence, in the interim, the authority has barricaded the way from Total-Garden to Agodi-Gate, Ibadan to enable safety officials of relevant government agencies evacuate the affected vehicles and restore normalcy.”
“Motorists are advised to navigate towards the State Secretariat at the Total-Garden Round-about to link the Government Road towards the Kola Daisi Civic Center inwards Agodi-Gate to Iwo-Road,” he disclosed.
“Alternatively, Motorists could opt for the Premier Hotel road to link the State Secretariat and move as above.
“From Beere to Iwo-Road Motorists are advised to take the Oje-Market to link Agodi-Gate inwards Iwo-Road.
“Another alternative is for motorists to move from the State Secretariat and navigate Ikolaba via the Nigerian Customs Zonal Hq. to get to Iwo-Road, Ibadan,” he further stated.
The agency beseeched commuters to drive carefully around the affected area as its men and officers are working concertedly with relevant agencies to restore normalcy in the shortest time possible.
Ember Months: Makinde Urges Drivers to Drive Cautiously
By Modupe Gbadeyanka
Governor Seyi Makinde of Oyo State has encouraged drivers across the state to be more careful during this last quarter of the year as the vigilance of everyone means safety for all while negligence of anyone portends danger to all.
He said this at the 2021 National Workshop for Proprietors and Training for Instructors of Driving Schools organised by the Federal Road Safety Corps (FRSC).
Mr Makinde promised to consolidate the existing relationship with the agency to reduce accident indexes in the state, particularly during the ember months, noting that the partnership will ensure continuous and adequate training of drivers across the State.
The Governor, who was represented by the Chairman of the Oyo State Road Transport Management Authority (OYRTMA), Mr Akin Fagbemi, said the collaboration was necessary at such a time when there are more vehicular movements usually associated with some haste, rush and unacceptable attitude of untrained drivers.
He commended the FRSC on the ongoing Driving School Standardisation Programme (DSSP) aimed at improving driving school operations in Nigeria.
He noted that the programme has developed uniform standards, safety consciousness, professionalism and proficiency in drivers’ education in the State.
Mr Makinde extolled FRSC saying, “the great successes recorded in monitoring and regulating the driving school industry through driver training education which is evident in the reduction of road traffic crashes over the years as a result of improved driver education in recent times.”
The Governor added, “It is also very important to note here, that training of learner and professional drivers must be carried out in accordance with standards enshrined in the driving schools training manual, with all the required training facilities in place, most importantly trainees must undergo all the sessions required for the type of vehicles they intend to learn how to drive and at the end must pass the Compulsory Computer Base Test (CBT) before the National Drivers Licence is issued to them”.
“Through these efforts put in place by the FRSC, Nigeria has been recognized globally by several organizations including the United Nations and other international road safety organizations. Our National Drivers Licence is now recognized and accepted by counties across the globe,” the Governor said.
Stakeholders at the workshop included the Oyo State Commissioner of Police, Director DSS Oyo State Command, Representative of the FRSC Corps Marshal, Representatives of the Comptroller General of Customs, NSCDC among several others.
Autochek Secures $13.1m Seed Fund to Facilitate Auto Financing
By Adedapo Adesanya
Autochek, the automotive technology company facilitating auto financing across Africa, has secured $13.1 million in seed funding.
Co-led by follow-on investors, TLcom Capital and 4DX Ventures, the round also included participation from existing investors, Golden Palm Investments, Enza Capital, Lateral Capital as well as new participants, ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation/CFAO Group).
With the new funding secured just under a year after Autochek’s $3.4mn pre-seed raise, the round was led by Autochek’s lead investors – TLcom Capital and 4DX Ventures.
As part of Autochek’s growth strategy, the capital will be deployed to bolster its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d’Ivoire.
Additionally, the company is rapidly expanding its footprint across East Africa, following its recent acquisition of Cheki Kenya and Cheki Uganda. As part of the investment by Mobility54, Autochek will be leveraging Toyota Tsusho’s vast retail network across 54 African countries to further deepen its expansion.
Launched in October 2020 and operational across East and West Africa in 5 countries – Nigeria, Kenya, Ghana, Uganda and Cote d’Ivoire; Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent.
Powered by its residual value algorithm, Autochek has built in-house digital solutions such as Collateral Management, Dealer Management Systems and a proprietary CRM system for managing stakeholder operations within the ecosystem such as vehicle financing, inspection, valuation, and inventory management.
Since its pre-seed raise in November 2020, the platform has achieved rapid traction across its business, most notably in the area of auto-financing, where the number of processed loan applications rose from just 10 in November to over 46,000 to date.
Autochek has partnered with 70 banks across the continent, including leading regional players such as Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.
Since the start of the year, the startup has also achieved several key milestones, including over 1000 dealers on the Autochek network actively using the loan processing solution and over 15,000 certified and financeable vehicles on the Autochek marketplace across its markets. Over the course of the year, Autochek also launched its truck financing platform and, more recently, financing of brand new vehicles.
Speaking on the next phase of Autochek’s rapid growth following its fundraise, Mr Etop Ikpe, Founder and CEO of Autochek, said, “At Autochek, our driving force is to increase financing penetration on the continent; we have been amazed by the market adoption rate and the support from our banking partners in the countries we operate in.
“We stepped into this space knowing we were tackling one of the most significant challenges for Africa’s automotive sector – the lack of a simplified, digital-first financing process. By combining our expertise and networks, we have been able to impact the automotive sector.
“We are extremely delighted with the progress we’ve made in a short amount of time. With this funding and the support of our strategic investors, the entire team at Autochek are dedicated to delivering exceptional service for customers and partners, as well as deploying our technology across Africa.”
On his part, Mr Andreata Muforo, Partner at TLcom, says “Autochek has achieved significant traction in one of Africa’s key verticals and is making impressive progress in bringing transparency and efficiency in this complex and fragmented industry. The foundation of its growth has been the strong leadership of its CEO, Etop Ikpe, a repeat founder in the automotive market whose world-class experience gave us the confidence to initially invest in Autochek in 2020.
“We look forward to the next chapter of Autochek’s growth as it continues to unlock the major upside which has remained dormant in Africa’s automotive sector for decades.”
Like Our Facebook Page
Latest News on Business Post
- FG to Distribute 4 million Meters in First Quarter of 2022 December 5, 2021
- SERAP Sues FG for Shutting Down Telecommunications December 5, 2021
- Enugu Disco Launches App for Seamless Services December 5, 2021
- We’re Yet to Receive Formal Report of Sylvester Oromoni’s Death—Police December 4, 2021
- Investors Gain N1.09bn as NASD Share Price Rises 9.1% December 4, 2021
- Naira Trades N414.73/$1 as Cryptos Bleed Heavily December 4, 2021
- Crude Mixed as Market Remains Unsettled by Omicron Jitters December 4, 2021
- MTN, FBNH Drag ASI to 5th Consecutive Losing Streak December 4, 2021
- Putin Stresses Broadening Economic Cooperation with Nigeria, Others December 3, 2021
- Excitement as NG Clearing Sets to Launch December 9 December 3, 2021
Feature/OPED2 years ago
Davos was Different this year
Economy5 years ago
Kwara Disburses N1.7b For Projects
Travel/Tourism5 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
Technology12 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy5 years ago
How To Identify Fake Naira Notes
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
Economy4 years ago
NSE Market Capitalisation Sheds N76b as Sell‐offs Persist
Economy4 years ago
FAAC: FG, States, LGs Share N655.18b in January