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Tuesday 19th January, 2021

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At Cool-C Car Mart, Quality Cars And Affordable Prices Stand Us Out- Izuh

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Mr Chinwuba Izuh, CEO, Cool-C Car Mart

Cool-C Car Mart is a marketplace for virtually all brands of foreign used (Tokunbo) cars ranging from Mercedes to Toyota, Honda, Volkswagen, Lexus, and Nissan amongst others.

Located along 7th Avenue, Festac Town, Lagos, Cool-C Car Mart does not only boast of an array of brand new-looking cars, it is a place where auto lovers can get their dream cars- Saloons and SUVs in particular, at very cheap and affordable prices.

Mr Chinwuba Izuh, Chief Executive Officer of Cool-C Car Mart, told digitaltimesng.com that his firm has contributed in no small way in helping Nigerians own their dream cars in spite of the harsh economic realities.

“We are a company built on integrity and quest for quality products. That is why we’ve never had any after-sales issue with any of our customers because we ensure that what we import into this place are well tested, quality automobiles.

“In spite of this integrity and quality assurance, we still rank the Number 1 when it comes to affordable pricing. We do this, not because we are covering the cost of importation but because we feel the pains Nigerians are going through. We know what Nigerians are passing through and the desire to own their dream cars.

“What we have here is a combination of quality and affordable products. Our mission here is to ensure that Nigerians willing to have their dream cars are not denied such necessity and luxury as a result of the high cost of automobiles,” Izuh said.

The CEO stated that in the past when the Nigerian economy was booming, Nigerians were purchasing brand new cars because they could afford them then, regretting that unfortunately, that regime is now history.

According to him, “In those good old days when the country’s economy was buoyant, new car purchases were not only common but thrived. However, with the worsening economic downturn, brand new (or ‘tear rubber’) cars have become too expensive for many. Today, foreign used cars have become an alternative because they come neat, solid and cheaper.”

“The National Bureau of Statistics (NBS) released a report last year showing that Nigeria spent a whopping sum of N148 billion to import used vehicles in the first quarter of 2019. It showed that used vehicles are the third most imported goods in the country, behind Laboratory glassware and motor spirit.”

He noted that the company plans to get into aggressive marketing of its products by commencing online sales via the website, Instagram, Facebook, YouTube and other social media platforms, stating that that imported foreign used cars known as Tokunbo has till date, remained a phenomenon.

“You know that with the advent of the Internet, particularly social media, there has been an emergence of online car shopping sites making the purchase and sale of cars easy for Nigerians with just smartphones and access to mobile data.

“In addition to giving Nigerians the opportunity of coming to our ultra-modern showroom in Festac Town, we are going to open up the virtual platform for our existing and prospective customers to sit in the comfort of their homes and make orders for cars of their choice,” Izuh said.

On what stands out Cool-C Car Mart, Izuh said apart from its affordable prices, its customers are allowed to properly scrutinize the specifications of the car of their choice, mileage covered as well as a mandatory test driving to ascertain the state of health of the car.

 

 

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BANKING

Stanbic IBTC Discontinues BDC Business

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Stanbic IBTC Holdings PLC, has announced that its Bureau De Change Subsidiary, Stanbic IBTC Bureau De Change Limited has discontinued its Bureau de Change business with effect from 01 January 2021 by relinquishing its operating license.

The discontinuation of operations of the BDC business was primarily driven by changes in regulations, which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.

The company said in a statement that the intention is to repurpose this subsidiary for other business venture in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard.

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding.

Also, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets.

Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

The Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

 

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Business

Lagos-Based Daystar Power Startup Secures $38million Investment

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Photo credit: Ventureburn

Daystar Power, a Lagos-based Nigerian tech startup, providing solar power solutions to businesses in the region, has secured $38million in a Series B Investment. 

The investment was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI) with additional investors including STOA, a French impact infrastructure fund, Proparco, and several other investors.

The solar power-focused startup will reportedly use the funding to grow its operations in Nigeria and Ghana, with an aim to expand to other countries such as Senegal, Togo, and Côte d’Ivoire, according to a report in ventureburn.com

The report said the funding will assist Daystar Power to increase its installed capacity to over 100 megawatts, catering to clients in various sectors such as financial services, agriculture, manufacturing, and more.

Thomas Hougaard, Vice President Sub-Saharan Africa, IFU provides insight into why an investment was made into Daystar Power in an official press release.

“We believe that Daystar Power has the right elements — the client base, technology, engineering expertise, and executive leadership — to scale off-grid solar across West Africa.

“Not only is Daystar Power at the forefront of a growing market, but it is also helping to accelerate the adoption of renewable energy in some of Africa’s fastest-growing cities.”

Founded in 2017 by Sunray Ventures, Daystar Power provides affordable, renewable, and stable power to businesses in West Africa.

Christian Wessels, Co-Founder of Daystar Power and Sunray Ventures explains the aims of the solar power-focused tech startup.

“Sunray Ventures founded Daystar Power to address one of West Africa’s most significant barriers to economic development — access to reliable and affordable power.

“We are happy that this transaction will provide Daystar Power with the required financing to continue to lead in off-grid solar for commercial and industrial customers in West Africa.”

The innovative service allows commercial customers to pay in cash or pay a monthly fee for its services.

Jasper Graf von Hardenberg, CEO, and Co-founder of Daystar Power points out that businesses in the Sub-Saharan region are tapping into solar power sources to maintain stability and operations.

“By offering our commercial and industrial clients cheaper, reliable, and cleaner power, we have seen a more than 50-fold increase in power-as-a-service revenue over the last two years.

“African businesses are realizing that solar power stand-alone or in tandem with a second power source, is a superior energy alternative to the often-unreliable grid or too expensive, polluting diesel generators.”

By providing a renewable energy resource and transforming it into electricity, Daystar Power is able to reduce pollution and positively contribute to the natural environment.

Traditional methods of accessing electricity include the burning of diesel, which emits harmful gases into the atmosphere and contributes to global warming.

 

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Business

PayPal Takes Full Ownership Of Chinese Payments Business

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A PayPal building.......Photo credit: Bitcoin News

PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China.

According to Chinese government data, this comes as the U.S. fintech giant eyes a bigger foothold in a booming market for online payments.

Reuters reports that PayPal acquired the 30% stake it doesn’t already own in China’s GoPay, formally known as Guofubao Information Technology Co., on Dec. 31, 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.

Financial details weren’t disclosed in the data, according to Reuters.

The stake purchase came a year after PayPal bought a 70% stake in GoPay for an undisclosed amount, then becoming the first foreign company licensed to provide online payment services in China.

In taking full control of one of the smaller players in the world’s largest payment market, PayPal will compete with domestic payments giants Alipay, owned by Alibaba-affiliated Ant Group, and WeChat Pay, owned by Tencent Holdings Ltd, as China fully opens up its financial sector.

The stake purchase also comes amid Beijing’s antimonopoly campaign against Alibaba Group Holding Ltd and other Internet companies.

Last August, PayPal appointed Hannah Qiu as head of China business, responsible for formulating long-term strategy in the world’s second-biggest economy.

Qiu was a former executive at insurer Ping An Group’s fintech unit OneConnect, according to PayPal’s website.

PayPal said in its 2019 annual report its initial focus in China is to provide cross-border payment solutions to Chinese merchants and consumers, linking the country’s commerce ecosystem to PayPal’s global network.

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