AUTO1 Group reports best quarter in company history with record units sold, highest gross profit and best profitability

AUTO1 Group reports best quarter in company history with record units sold, highest gross profit and best profitability

Berlin, November 13, 2024 – AUTO1 Group SE, Europe’s leading digital automotive platform for buying and selling used cars, today announced its best-ever quarterly results, setting new records for units sold, gross profit and adjusted EBITDA. The company increased its guidance for 2024 across all metrics.

Result Highlights for the third quarter

• Record units sold of 176,632, up 26% year over year
• Record gross profit of EUR 187.1 million, up 39% year over year
• Record adjusted EBITDA of EUR 34.3 million, compared to EUR 0.5 million in Q3 2023
• Record Merchant units sold of 157,582, up 25% year over year
• Record Merchant gross profit of EUR 144.0 million, up 37% year over year
• Record Retail units sold of 19,050, up 28% year over year
• Record Retail gross profit of EUR 43.1 million, up 49% year over year

Christian Bertermann, CEO and Co-founder of AUTO1 Group: "We delivered exceptional third quarter results. Our strong vision and operational excellence led to double-digit growth across all metrics, record units sold and record profitability. Our best-ever quarter is a testament to our team's dedication and focus and demonstrates significant operational leverage, as we continue to steadily progress towards our long-term market share goals.”

Markus Boser, CFO of AUTO1 Group: “Our excellent financial performance this quarter is a clear reflection of the benefits of our unique business model and the outstanding execution by our teams. As we continue to build on this powerful momentum, we are progressing well towards achieving our long-term margin goals.”

Third quarter business performance

The Group set a new sales record of 176,632 units in total in Q3, up 26% year over year, generating revenue of EUR 1.6 billion, up 24% year over year. The Group reported EUR 187.1 million gross profit, up 39% year over year. AUTO1 Group achieved the highest adjusted EBITDA in company history of EUR 34.3 million in Q3, compared to EUR 0.5 million in Q3 2023, an improvement of EUR 33.8 million year over year.

The Merchant segment AUTO1.com sold 157,582 vehicles to partner dealers, up 25% year over year, and delivered GPU of EUR 914, up 9% year over year. Merchant revenue was EUR 1.3 billion, up 21% year over year and gross profit was EUR 144.0 million, up 37% year over year.

AUTO1 Group’s Retail business Autohero sold 19,050 units, up 28% year over year, generating revenue of EUR 315.2 million, up 34% year over year. Retail gross profit was EUR 43.1 million, up 49% year over year and Autohero reported GPU of EUR 2,263, up 18% year over year.

Financial Outlook

AUTO1 Group increased its full-year unit guidance, with a target of 665,000 - 679,000 units sold, with 593,000 - 607,000 units sold in its Merchant segment and 72,000 units sold in its Retail segment.

The Group increased its gross profit guidance to EUR 682 - 700 million and its adjusted EBITDA target to EUR 72 - 84 million for the full year.
 

Selected Financial Data

The Group’s financial results for the third quarter 2024 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. 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 used car. AUTO1 Group is operating in over 30 countries and generated a revenue of EUR 5.5 billion in 2023. 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 contacts

Philip Reicherstorfer

Group Treasurer

Phone: +49 (0)30 - 2016 38 213

Email: ir@auto1-group.com

Maria Shevtsova

Head of Investor Relations

Phone: +49 (0) 170 556 9259

Email: ir@auto1-group.com

Media Relations contact

Christine Preyer

Director Communications & PR

Phone: +49 (0)175 64 59 192

Email: press@auto1-group.com

Forward Looking Statements

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]&2 GPU is not equal to gross profit/number of cars sold because of the effects of inventory changes due to the capitalization of internal refurbishment costs which are not part of cost of materials.

^[2]