In a move to digitize Nigeria's car market, Carbin Africa, a Lagos-based auto tech startup, has launched a digital inventory platform that connects car dealers and middlemen, making it easier to buy and sell cars in the country. Founded by Femi Oriowo and Fawaz Abdul, two ex-Cars45 employees, Carbin Africa aims to bridge the gap between car dealers and middlemen, providing a seamless and efficient car buying experience.

Before Carbin Africa, buying a car in Nigeria was a cumbersome process, involving visits to multiple dealerships, newspaper listings, or attending car auctions. The startup's platform has changed this by providing a digital inventory of cars, allowing middlemen to browse and purchase cars from dealerships across Lagos. With over 250 dealerships on board, Carbin Africa has created the largest real-time car inventory in Lagos, with an update time of just 30 minutes.

The platform's unique selling point is its ability to connect middlemen, who are the prime target customers, with dealerships, providing them with a wide variety of cars to trade in. This has solved the problem of obsolete listings and the "nesting doll" issue, where the same car can be listed by multiple merchants, creating a lengthy provenance chain for end buyers. Carbin Africa has already facilitated over 30 car sales since its launch in 2023, with plans to expand its reach to other used car market hotspots in Nigeria.

To ensure the safety and security of transactions, Carbin Africa has implemented robust verification processes, including physical verification of dealerships and identification documents, as well as online verification through its partnership with vehicle verification service, LegitCars. The startup has also raised $300,000 in pre-seed funding from 54Collective, a venture capital firm, and is planning to expand its services to include car financing, targeting middlemen who are underserved in the current market.

Carbin Africa's ambitious plans include reaching a gross merchandise volume of ₦5 billion by 2025, with a 10% take rate. The startup's VP of Operations & Growth, Ololade Shoyemi, believes that the structure and partnerships are already in place to achieve this goal. While the startup faces competition from other players in the sector, Oriowo views them as collaborators, rather than competitors, given the size of the car market.

As Carbin Africa continues to grow and expand its services, it is likely to have a significant impact on Nigeria's car market, providing a more efficient and seamless car buying experience for both dealers and end users. With its innovative approach and commitment to solving the challenges faced by middlemen and dealers, Carbin Africa is poised to revolutionize the country's auto tech sector.