AFRICAN SUCCESS STORIES EP10- ETOP IKPE CARS 45

In this era of human existence, and the input of technology in our every day life, the most important thing that we look out for is SPEED. Being able to acquire a product or service in splits seconds literarily, nobody wants to spend 2 or 3 days doing what can be done in less than 45 minutes. The possibilities are endless, and innovations keep streaming in to widen the scope of technological impact and redefine our definition of the word POSSIBLE. There was a time when selling a car takes ages, and most of the time the car even ends up developing a fault while waiting endlessly for a buyer. But in the spirit of innovation and improving how car sales and purchase services usually go, Etop Ikpe came up with a brilliant and timely idea by creating what has now morphed into one of the fastest growing E-Commerce platforms in Nigeria, Cars 45, an online platform that enables users to sell their cars in under…wait for it, 45 minutes.
Putting together all his myriad of experience from all his previous ventures, Etop was able to come up with the perfect recipe to create a platform that has being able to thrive in what we could consider as uncharted waters. Selling used items in Nigeria hasn’t always being a business to look forward to, especially online, in Nigeria we are always a bit skeptical when it comes to acquiring products online, let alone used ones, there’s the issue of trust, “would the product be in good shape, would it be a legal-non-stolen item, and would it last long after purchase?”. Those are a few of the regular questions people ask when they go on such platforms, questions Etop has been able to give assured answers to. His business recorded a high success rate even in its first-year racking in a whopping $5 million dollars in a Series A funding round from the Frontier Cars Group supported by Balderton Capital, EchoVC, and TPG Growth it first business year. A fit that is set to continue in subsequent years. One reason responsible for this is his approach, knowing that consumer’s trust could be a major setback, Cars45, apart from its online valuation service, also has inspection centres in certain locations in the country to help sellers know their (used) car’s technical status and current market value. It also gives buyers the market value of the car they intend to buy. What better way to create a convenient and trustworthy purchase environment for your customers.
Another valuable lesson is his recognition of the fact that two or more solid heads are usually better than one, he started the business with Iyamu Mohammed, Sujay Tyle, and Peter Lindholm as co-founders.