According to Axel Peyriere, CEO and co-founder of Australia-based AfriCar Group (LinkedIn profile), the company is aiming to bring trust and transparency to used-car transactions in Africa.
The company has launched AfriCar Certified pre-owned cars, which Peyriere said was a new segment in SSA. With a used car lot in Abidjan, the largest city in Ivory Coast, it offers a phygital retail experience.
“Trust and transparency do not exist, and the market for professional sellers is informal and fragmented – there are no guarantees,” he said. Moreover, price varies greatly, often depending on an individual’s negotiating skills and their contacts.
He noted that half of AfriCar’s customers were women because the company provided them with a secure environment.
AfriCar is planning to launching in three or four new markets this summer, aiming for more than 15 by 2027. It is aiming to sell more than 100,000 cars/year by the latter year. The company is aiming to increase its team to more than 200 by the end of next year and more than 2,000 by 2027.
Peyriere was speaking at AutosBuzz 2023, which was held in Lisbon on 9-10 May.