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AUTO1 Group reports record gross profit in Q1 2023
Berlin, 3 May 2023
Berlin, May 3, 2023 – AUTO1 Group SE, Europe’s leading digital automotive platform for buying and selling used cars, today reported financial results for the first quarter of 2023, highlighting record gross profit, record retail metrics and significant progress towards break-even.
• Total units sold came in at 157,106, up 4.5% quarter over quarter
• Total gross profit increased to EUR 132 million, up 15.3% quarter over quarter
• Total revenue grew to EUR 1.5 billion, up 4.0% quarter over quarter
• Retail units sold grew to 18,079, up 24.2% year over year
• Retail gross profit increased to EUR 25.0 million, up 139.7% year over year
• Merchant units sold grew to 139,027, up 4.0% quarter over quarter
• Merchant gross profit increased to EUR 107 million, up 18.8% quarter over quarter
• Adjusted EBITDA at EUR (25.1) million, an improvement of EUR 11 million from Q4 2022 and an important milestone on its path to achieving adjusted EBITDA profitability by the end of the year
Christian Bertermann, CEO and Co-founder of AUTO1 Group: “Q1 was very successful and a great start into 2023 for us. We are proud of the significant progress in our profitability driven by record gross profit and an exceptionally strong retail performance. We continue to invest in all areas, enabling our business for strong growth as we move the European used car market onto one platform.”
First quarter business performance
AUTO1 Group sold 157,106 units in total in Q1, generating revenue of EUR 1.5 billion and gross profit of EUR 132.0 million.
AUTO1 Group’s Retail business Autohero significantly improved its gross profit per unit (GPU) while once again growing units and revenue strongly. The number of units sold via Autohero increased by 24.2% year over year to 18,079 units while increasing revenue to EUR 284.4 million, up 16.4% year over year. Compared to Q1 2022, Autohero improved its GPU by 88% year over year to EUR 1,349, resulting in total Retail gross profit of EUR 25.0 million, up 139.7% year over year.
The Merchant segment AUTO1.com sold 139,027 vehicles to partner dealers. Merchant revenue was EUR 1.2 billion, and gross profit was EUR 107.0 million.
AUTO1 Group improved its adjusted EBITDA by 47.2% from EUR (47.6) million in Q1 2022 to EUR (25.1) million in Q1 2023, putting it well on track to achieve its goal of adjusted EBITDA profitability by Q4 2023.
AUTO1 Group confirmed its full-year 2023 gross profit target of EUR 500-550 million with an adjusted EBITDA of EUR (60) to (90) million for the full year. The Group continues to aim for a target of 625,000 - 690,000 units sold, with 65,000 - 70,000 units sold in its Autohero retail segment and 590,000 +/-5 % units sold in its AUTO1.com merchant segment.
The Group’s comprehensive financial results for the first quarter 2023 can be found in the company’s quarterly trading update presentation 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