Car dealer Precious Okoedion in Lagos, Nigeria, has been experiencing consistent car sales despite economic challenges. Okoedion credits a significant portion of these sales to an auto tech platform called Carbin Africa, launched in 2023 by Femi Oriowo and Fawaz Abdul.
Oriowo’s journey to founding Carbin Africa began when he was an OLX merchant, connecting Computer Village vendors with buyers. His experience in the car sales industry led him to establish the platform, aiming to streamline car inventory and sales processes for dealerships in Lagos.
Since its inception, Carbin Africa has attracted over 250 Lagos car dealerships and around 1,000 middlemen. The platform boasts a digital inventory of approximately 1,700 cars, mostly foreign- and Nigerian-used vehicles. Their goal for 2025 is to onboard more dealerships and expand to other hot spots in Nigeria.
To ensure safe transactions, Carbin Africa implements thorough verification processes for dealers and merchants. The platform also offers additional services like car document verification and car financing, known as Car Flex, to cater to the needs of middlemen in the market.
With $300,000 in pre-seed funding from 54Collective, Carbin Africa aims to reach or surpass ₦5 billion in Gross Merchandise Volume in 2025. The company’s revenue model includes earning commissions on transactions and providing services like car document verification.
Despite competition in the sector, Oriowo views old and new startups as potential collaborators, emphasizing the benefits of a diverse market. As the company continues to grow and innovate, it aims to become a significant player in the Nigerian car sales industry.