Cars45 operates an online-to-offline platform that provides free online quotes, multi-point inspections at physical centers, pricing, and a digital service history for pre-owned autos. Owners can schedule inspections at one of Cars45’s 13 inspection centers in Nigeria and receive payment within 45 minutes if they accept an offer. The company currently sells acquired vehicles to a private network of pre-verified buyers and derives most revenue from fees charged to that network. Cars45 says it has been actively buying and selling cars since launching but the CEO would not disclose valuation, volume, or revenue figures. Management plans to use the platform to build additional revenue streams such as inspection services, financing, and online auto research similar to Kelly’s Bluebook. The team was co-founded in 2016 by Etop Ikpe, Iyamu Mohammed, Sujay Tyle, and Peter Lindholm and is focused on scaling the model across other African cities in the longer term.

Total raised

$5M

Funding rounds

1

Latest round

Series A

Latest activity

May 2017