Stellantis invests in Africar Group to launch a used car company in Ivory Coast

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Automaker Stellantis took a stake in online car marketplace Africar Group, later launching direct-to-consumer used car company Auto24 in Abidjan, Ivory Coast, to bring new solutions and innovative solutions to enable transparent and secure transactions.

As the African population is expected to reach 1.7 billion by 2030 and a car fleet already of 50 million units, Stellantis has taken a stake in Africar Group to create Auto24 and take advantage of this market potential.

Stellantis’ investment in Africar Group is another step in Stellantis’ overall strategy to grow its portfolio of mobility solutions and reinforce its commitment to customer centricity. It is also an illustration of the Dare Forward 2030 plan, in one of the seven accretive businesses targeted by Stellantis.

Present in more than 40 countries in sub-Saharan Africa, Africar Group is an important network of online automotive marketplaces in Africa. Over the past five years, it has enabled more than 25 million car buyers and sellers to trade used cars through its online channels.

Co-founder and CEO of Africar Group Axel Peyriere says that after more than five years of working with automakers, distributors and other key industry players, the group has developed a multi-country digital automotive solution across sub-Saharan Africa.

“Auto24 is launched today with the aim of boosting the confidence of African customers in the used vehicle market. A great challenge that will make it possible to have a safe, practical, trustworthy and pleasant experience of buying or selling used vehicles,” he adds.

Senior Vice President of Stellantis Pre-Owned Vehicles Business Unit Xavier Duchemin says the company’s investment in Africar Group to create Auto24 reinforces Stellantis’ strategy to grow its used vehicle business globally in a “bold, pragmatic and agile way”.

“It will follow the same blueprint as Stellantis’ other investments in the used vehicle ecosystem. The founders will accelerate the development of their businesses while capitalizing on Stellantis, while retaining the inventiveness, energy and l agility that characterizes start-ups”, he explains.

In the Middle East and Africa, Stellantis is the third original equipment supplier aiming to become the region’s leading automotive group with more than one million new vehicles sold per year by 2030.

“In sub-Saharan Africa, Stellantis offers [a] broad coverage of the automotive industry network with nearly 124 sales and service outlets.

“Today, the partnership with Africar Group, through its subsidiary Auto24, will allow us to expand our mobility solutions offer which largely meets the needs of customers in Africa”, says Stellantis Middle East and Africa COO Samir Cherfan.

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