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AUTO1 Group Achieves Profitability Ahead of Plan
Berlin, 8 November 2023
Berlin, November 8, 2023 – AUTO1 Group SE, Europe’s leading digital automotive platform for buying and selling used cars, today published its financial results for the third quarter of 2023. The group announced positive adjusted EBITDA in Q3, reaching break-even one quarter earlier than planned and delivered record gross profit.
• Positive adjusted EBITDA of EUR 0.5 million, an improvement of EUR 35.7 million year over year
• Record total gross profit of EUR 134.4 million, up 8.9% year over year
• Record Retail gross profit per unit of EUR 1,912, up 72.9% year over year
• Record Merchant gross profit per unit of EUR 838, up 17.5% year over year
• Total revenue of EUR 1.3 billion
Christian Bertermann, CEO and Co-founder of AUTO1 Group: “Our team has delivered a strong quarter and successfully reached our profitability goal ahead of plan. We are keeping the momentum of these significant improvements going, refocusing on growth across all business units. We are very excited to grow from where we are today by continuing to deliver more exceptional experiences for our partner dealers and consumers."
Markus Boser, CFO of AUTO1 Group: “Achieving positive adjusted EBITDA is a significant milestone in our development as a profitable growth business. We are well positioned to become the most profitable used car platform by continuing to leverage our scale, unique car trading dataset and ability to innovate.”
Third quarter business performance
AUTO1 Group reported positive adjusted EBITDA of EUR 0.5 million ahead of its year end target, improving it EUR 35.7 million year over year.
AUTO1 Group sold 140,630 units in total in Q3, generating revenue of EUR 1.3 billion. The group reported its highest quarterly gross profit in the history of the company of EUR 134.4 million, up 8.9% year over year.
AUTO1 Group’s Retail business Autohero significantly improved its gross profit per unit (GPU) to a record of EUR 1,912, up 72.9% year over year. Autohero sold 14,845 units, generating revenue of EUR 234.5 million and gross profit of EUR 28.9 million, up 52.1% year over year.
The Merchant segment AUTO1.com sold 125,785 vehicles to partner dealers and delivered record GPU of EUR 838, up 17.5% year over year. Merchant revenue was EUR 1.06 billion, and gross profit was EUR 105.4 million.
AUTO1 Group confirmed its guidance of 625,000 +/-5% units sold, of which the group is aiming for 65,000 +/-5% units sold in its Autohero retail segment and 560,000 +/-5% units sold in its AUTO1.com merchant segment. The group confirmed its full-year 2023 gross profit target of EUR 500-550 million and improved its adjusted EBITDA guidance from EUR (50)-(70) million to EUR (39)-(49) million for the full year.
The group’s comprehensive financial results for the third quarter 2023 can be found in the company’s quarterly trading update presentation and the quarterly report in the Investor Relations section of the AUTO1 Group homepage.
About AUTO1 Group
Founded in 2012, AUTO1 Group is a multi-brand technology company that is building the best way to buy and sell cars online. Its local European consumer brands like wirkaufendeinauto.de offer consumers the fastest and easiest way to sell their car. Its merchant brand, AUTO1.com, is Europe's largest wholesale platform for car trading professionals. With its retail brand Autohero, AUTO1 Group is using its technology, scale and operational excellence to develop the best consumer experience to buy a car online. AUTO1 Group is operating in over 30 countries and generated a revenue of EUR 6.5 billion in 2022. Following its successful IPO in February 2021, the group's shares are trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under the trading symbol AG1 and the ISIN DE000A2LQ884.
Director PR & Communications
Phone: +49 175 64 59 192
AUTO1 Group SE | Bergmannstrasse 72 | 10961 Berlin | Deutschland
This publication contains forward-looking statements based on current views and assumptions of AUTO1 Group’s management and made to the best of such management’s knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause AUTO1 Group’s revenues, profitability or the degree to which it performs or achieves its targets to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. AUTO1 Group accepts no guarantee or responsibility regarding forward-looking statements and will not adjust them to future results or developments.
AUTO1 Group Bergmannstraße 72 10961 Berlin Germany