Communiqués de presse
AUTO1 Group reports record quarter with more than €1 billion in revenues as Autohero deliveries surge
Berlin, 06 August 2021
• AUTO1 Group increases Q2 2021 revenues by 164% YoY to €1,065 million, gross
profit to €99 million, strongest quarter in the company’s history
• Autohero retail business deliveries increase sevenfold to 8,415 in Q2 2021
• Continued investments in Autohero brand and own refurbishment capabilities
• AUTO1 Group upgrades full-year revenue guidance to €4.0-4.4 billion and 38,000- 43,000 units sold by Autohero
Berlin, 06 August 2021 – AUTO1 Group, Europe’s leading platform for buying and selling used cars online, today announced its results for the second quarter of 2021, demonstrating the continued success of its digital business model powered by strong platform effects. Underlining its clear market leadership, AUTO1 Group continued to accelerate its growth momentum in the second quarter and achieved the strongest performance in its history.
AUTO1 Group’s Q2 revenues rose 18% from the previous quarter to €1,065 million (Q1 2021: €900 million) and were up as much as 164% from the year-ago period (Q2 2020: €404 million) as markets continued to recover from COVID-19 lockdowns. Driven by the rapid growth of its Autohero consumer offering and increased trading activity in its B2B business, AUTO1 recorded its highest gross profit ever, with a 15% quarter-on-quarter increase to €99 million in Q2 2021 from €86 million in Q1, and up 266% from €27 milion in Q2 of last year.
Christian Bertermann, CEO and co-Founder of AUTO1 Group: “2021 has been an exciting year for us, starting with our highly successful Initial Public Offering in February. After a strong first quarter, we have now reached another milestone in the second quarter: the first €1 billion-plus revenue quarter, and the highest gross profit in AUTO1’s history. We are very proud of this achievement, which underlines both the enormous potential and the strength of the AUTO1 business model. Our business is growing well ahead of our expectations, and we will continue to invest massively in our Autohero opportunity as we build the best way to buy and sell cars online.”
With its retail brand Autohero, AUTO1 Group has created the best and largest online-only used car dealer in Europe. On the back of its strong sourcing capabilities and significant investments in building own used car production capacities, Autohero increased the number of units delivered to retail customers sevenfold in Q2, growing deliveries to 8,415 units from 1,174 units in the year- ago quarter and up 8% from Q1 2021 (7,815 units).
The growth of Autohero is supported by AUTO1 Group’s consumer purchasing business, which is the biggest buyer of used cars in Europe with more than 10,500 cars bought per week. 1 At the same time, the group also commenced its investment plans in used car production, where it now expects to own capacity to refurbish as many as 50,000 cars a year in its own facilities by the end of 2021. This number is expected to rise to 200,000 units next year from locations the group plans to sign in Germany, France, Italy, Spain and Poland.
Autohero also expanded its unique glass truck fleet to deliver almost a quarter of its units sold to customers’ doorsteps in the company’s branded glass delivery trucks, providing a unique customer experience and helping to further grow the awareness of Autohero’s brand. Brand awareness shall also be boosted by Autohero’s sponsorship of Berlin-based football club Hertha BSC, and its most recent partnership with French soccer club Paris St. Germain.
AUTO1 Group’s merchant business, Europe’s largest wholesale platform for used cars, also saw strong growth. Accelerated by its superior sell-from-home solution, AUTO1 grew the number of C2B units sold by 10% from 106,140 in Q1 to 116,367 in Q2 2021. This helped boost revenues 19% to €799 million in Q2 2021 (€672 million Q1 2021), underlining the strength of the platform. On the back of continuous growth of AUTO1’s active remarketing dealers to 2,195 in Q2 2021 (Q2 2020: 912) the number of remarketing units more than doubled year-on-year to 17,933 in Q2 2021 from 7,892 in Q2 2020.
Delivering on key strategic objectives such as building the Autohero brand and scaling Autohero deliveries, AUTO1 achieved an adjusted EBITDA2 margin of (2.1)% in Q2 2021 compared to (2.5)% the year before.
AUTO1 Group also updated its full-year guidance for its financial year 2021 and increased its full- year revenue guidance to €4.0-4.4 billion. It refined its gross profit target to €380-410 million at the top end of the previous guidance. Merchant guidance in units is narrowed to 554,000-580,000 units and the guidance for units in its Autohero segment is raised to 38,000-43,000 cars, or a combined total of 592,000-623,000 cars (FY 2020: 457,431 cars). Against the backdrop of continued, significant investment in Autohero branding and operations, AUTO1 Group expects an adjusted EBITDA margin2 for the full year of between (2.5%) and (3%).
Markus Boser, CFO of AUTO1 Group: “We achieved a truly outstanding second quarter, reflecting the power of our unique platform. We promised our investors that we will focus on our key objectives for 2021 by scaling Autohero deliveries as well as building the brand, and that’s exactly what we are doing. Encouraged by the great results of the first half of 2021, we will remain laser-focused on investing in our brands and delivering on our key objectives as we continue to scale Europe’s already leading used car platform.”
AUTO1 Group – key figures (in EUR million):
1 Opex includes, among other items, employee expenses and other operating income less separately disclosed items.
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 achieved revenues of €2.83 billion in 2020. 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. For more information please visit www.auto1-group.com
Investor Relations contact
Director Corporate Finance
Phone: +49 (0)30 - 2016 38 213
Phone: +49 174 234 2808
AUTO1 Group SE | Bergmannstrasse 72 | 10961 Berlin | Germany
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.
1 More than 10,500 cars purchased through WKDA brands in weeks 22-25 (June)
2Adjusted EBITDA is defined as EBITDA, adjusted for (i) share based payments, (ii) change of basis of assessment for value added taxes, (iii) correction of payables and (iv) other non operating expenses
Director of Corporate Finance
Director PR & Communications