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Wednesday, 22 September 2021

Contact Cars acquires Sa3ar

Egyptian auto marketplace Contact Cars has acquired car e-commerce platform Sa3ar for an undisclosed sum, the company announced (pdf) yesterday.

Sa3ar is an online platform that allows customers to value, sell, and bid for used cars. It offers technology that enables sellers to value vehicles at no charge while backing a dealer-specific auction platform. Contact Cars, a subsidiary of Contact Financial, said it will work with the Sa3ar team to integrate its pricing and auction technology into its platform and launch new services.

More investment and / or M&A to come? “This is just the first step in a series of investments which will be announced in due course,” Contact Financial CEO Saeed Zater said.

Contact Financial has been busy lately, joining forces with Abou Ghaly Motors to launch a new provider of auto loans. It is also looking to launch an e-payments company soon and could obtain a license later this month.

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