Nigeria lacks adequate automobile financing

An automobile expert and Vice-President, Trading, Cars45, Mohammed Iyamu, on Tuesday said that the missing link in Nigeria’s automobile industry was adequate financing.

Iyamu, who made the assertion while speaking to the News Agency of Nigeria (NAN) in Lagos, said that such financial incentives missing in the industry was what other countries were using to support their system.

He, however, expressed his happiness on the progress made in the automobile industry in spite of the challenges which, he said, had been impressive by all standards.

“We did about three hundred cars last year, we are looking to triple that volume, go to other cities and grow in leaps and bounds this year. A missing link in Nigeria’s automotive industry is financing.

“If we look at a market like say South Africa, 70 percent of the cars on the road are financed one way or another.

“This is what brought in the Cars45’s trade-in/swap scheme which has served as a means of financing for many, and so, we will be looking at adding more value to this partnership end-to-end.

“We are looking to provide new services to our customers that include repairs and workshop services, we are also looking to partner with other service providers in the automobile industry,’’ Iyamu said

He also said that the company would also extend to those who deal in accessories in order to partner with financial institutions to provide financing for its certified Cars45 car purchases.

However, the Public Relations/Brand Lead, Bemigho Awala, said that Cars45, Kia traded over 300 vehicles, and was ready to unlock new value opportunities in Nigeria’s automobile industry.

“Riding on its partnership with KIA Motors, Nigeria’s leading online marketplace to buy, sell or swap a car, Cars45 has carried out over 300 transactions on KIA vehicles since the partnership was announced in January 2018,’’ he said in a statement.

The Chief Financial Officer, Cars45, Jide Adamolekun, noted that the partnership had improved car ownership in Nigeria.

“We launched this partnership in January last year and at the end of the year, we reassessed how far we have gone and examined the opportunities that we have created in the Nigerian market.

“Cars45 carried out over 300 transactions via this relationship last year and we have seen the future where by making more brands available to consumers, we will help unlock more value in the nation’s automotive space.

“We are proud that we have enabled consumers on their journey irrespective of whatever side of the economic spectrum they fall.

“We hope to move with KIA beyond our current operations in Lagos, Port Harcourt and Abuja to new cities and territories across the country, making cars affordable to the Nigerian populace,’’ he said.

On the value of the partnership, Olawale Jimoh, Marketing Manager, KIA averred that it has been a very wonderful and rewarding experience which has seen both parties record so many gains.

“We have seen the sale of used KIA cars rise as Cars45’s structured arrangement of buying and selling used cars has brought transparency and credibility, taking away the associated stress with selling locally used vehicles.

“It is against this backdrop of the successes recorded that we are now expanding this relationship to a more robust arrangement such that regardless of the car brand that you are driving.

“Everyone can experience the rich range of value offerings provided by Cars45,’’ he said.

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