Nigerian autotech startup, Fixit45 acquires Parkit to boost its vehicle management service

Nigerian autotech startup, Fixit45 acquires Parkit to boost its vehicle management service

Nigeria’s auto tech platform, Fixit45 has announced the acquisition of Parkit, a network of tech-enabled auto care and car wash centers. With this acquisition, Fixit45 intends to add Parkit’s solutions to its auto repair and maintenance services across the country.

Launched in July 2021, Fixit45 provides fleet management, auto parts sourcing and delivery, auto care, refurbishment and upgrades, repair financing, and mechanic workshop software as well as pre-purchase inspections, underlying these with moderation for compliance and accountability.

Fixit45 caters to needs in the repair and maintenance segment, while Parkit plays in the auto care vertical, Xparts is a discovery and trading platform for spare parts where you can explore a rich inventory, find exact parts based on the platform’s AI tools and get these parts in very good time and Rampware is a Software-as-a-Service tool to help auto-workshops manage their operations and improve service delivery experience.

Commenting on the deal, Justus Obaoye, CEO and Co-Founder, Fixit45 said “We found synergies in what they were doing at the time and we approached them to join us in this journey to fix and build the aftermarket ecosystem which has culminated in the acquisition. Parkit has been fully integrated into the Fixit45 family and we look forward to providing market leadership.”

Automobile ownership for car and fleet owners can be a frustrating experience owing to a myriad of factors that include highly fragmented, mostly unregulated industry, informal service providers who often lack the technical competence, as well as the proliferation of counterfeit spare parts with a lack of warranty on repairs. These challenges in turn have also impacted the service delivery experience from service providers.

To change the narrative in the space, Fixit45 is collaborating with a lot of stakeholders and partners intending to deepen value creation in the ecosystem. Some of these stakeholders include workshops, spare part suppliers, insurance companies, tow trucks, fintech, and fleet owners.

The Fixit45 Vehicle Intact Programme (VIP) has been designed as the name suggests delivering quality and affordable repair and maintenance services via subscription-based plans to ensure that the lifetime value of a vehicle or fleet is enhanced and productivity optimized. The rich bouquet of plans comes in 4 packages that include the Service Plan, Maintenance Plan, Extended Services Plan, and the Emergency Services Plan.

The Service Plan ensures that subscribers don’t have to worry about the workmanship and getting their vehicles in good shape. The Maintenance Plan is a commitment to routine and or scheduled preventive maintenance, which in turn mitigates the need for some repair work on the vehicle.

The Extended Service Plan works like an HMO for vehicles in which subscribers transfer to us the duty of keeping their fleet and or vehicles operational at all times. Because breakdowns don’t announce themselves, the Emergency Service plan is designed to give comfort and succor to motorists in the event of a breakdown.

The acquisition of Parkit was finalized in September 2021 and has given Parkit the capacity to provide quality car shampoo, upholstery, tire and engine wash, polish, and air fresheners locally to cut costs than when it used to import.

According to Gerald Okonkwo, Founder, Parkit, “Our business was founded in June 2018 to use technology in making the customer journey for car washes very seamless by automating payments, helping them acquire the right tools for the job and providing professional care services that were not available in-country. This journey has been a collaborative experience and we are blessed to have found the right team at Fixit45 with bold ambitions to create value for consumers in this space.”

With presence across 4 cities in Nigeria, more than 100 network partners, and over 2500 vehicles under management, Fixit45’s ambition is to become Africa’s largest and most trusted Autotech platform.