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AUTO1 Group launches digital floorplan financing solution for partner dealers
Berlin, 1 February 2024
•AUTO1 Financing offers select partner dealers a fast, convenient and fully digital financing solution within the AUTO1.com platform strategy
•AUTO1 Financing is already available to partner dealers in Germany, France, Spain and Austria
•AUTO1 Financing is set to be a major driver for AUTO1 Group’s growth and profitability
Berlin, February 1, 2024 - AUTO1 Group SE, Europe’s leading digital automotive platform for buying and selling used cars, today announced the launch of AUTO1 Financing, an innovative car financing solution that leverages AUTO1’s data-driven platform for select AUTO1.com partner dealers. The recently launched product enables dealers to buy and sell more cars faster by allowing them to buy from AUTO1.com, Europe’s largest wholesale platform for used cars, without investing their own capital.
Enhancing the digital car buying experience for merchants
AUTO1 Financing enables dealers to seamlessly add the financing solution to the vehicles they purchased on the AUTO1.com platform as part of their digital customer journey. After purchasing cars, merchants can choose to finance them with one click and instant approval, making it the most convenient solution on the market. With its new digital product, AUTO1 Group has reimagined inventory financing to make it the most simple, convenient and transparent solution for dealers. Used car dealers will receive their cars and documents much faster than through external floorplan financing. The digital offering currently is available to select dealers across Germany, France, Spain and Austria, with more than 500 merchants already financing. AUTO1 Group aims to continue the rapid growth trajectory by rolling out to more merchants and markets throughout the year.
AUTO1 Financing as strong future revenue and profit driver
By providing used car dealers with a seamless and efficient financing solution, AUTO1 Group is increasing sales and improving dealer loyalty. “AUTO1 Financing is a very attractive business for us on a stand-alone basis. Enabling dealers to build larger inventories with AUTO1 Financing and as a result buy and sell more vehicles will be a strong future revenue and profit driver for us and will contribute significantly to our growth,” said Markus Boser, CFO of AUTO1 Group.
“With the recently launched AUTO1 Financing we give used car dealers the means and flexibility they need to grow their business faster with us. We’ve received overwhelmingly positive feedback from our partners already and we are certain that being a reliable and strong financing partner for our dealers will deepen our relationships with them,” said Christian Bertermann, CEO & Co-Founder of AUTO1 Group.
AUTO1 Group has entered into a EUR 125 million asset backed securitisation (ABS) program to refinance the receivables generated through AUTO1 Financing, with BNP Paribas as Senior Note Purchaser. The ABS is set up to be upsized and to cover additional markets going forward.
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.