Auto1 increases sales in the fourth quarter of 2021 - but shares still slump

Auto1 has published its figures for the fourth quarter and a forecast for the 2022 financial year. Despite record results, the share price slumped afterwards.

Auto1 was able to increase its turnover to 1.55 billion euros in the fourth quarter of 2021. This corresponds to an increase in turnover of 99% compared to the fourth quarter of 2020. Full-year turnover also grew by 69% and amounted to around 4.8 billion euros. The reason for the strong growth is the high customer demand.

The used car platform Autohero in particular has grown strongly: while around 4,200 cars were delivered to private individuals in the fourth quarter of 2020, this figure had already risen to almost 13,900 vehicles in the fourth quarter of 2021. The used car platform for wholesalers accounted for the largest share of sales at 1.3 billion euros. "2021 was an extremely strong year for us - a year that began with our successful IPO and ended with record figures, both in terms of turnover and gross profit," says Auto1 co-founder and CEO Christian Bertermann. "We will build on this and continue to develop the best platform for buying and selling cars online."

However, the war in Ukraine is putting a damper on the strong growth: Auto1 expects sales of between 5.7 and 6.8 billion euros for the current financial year, which means an increase in sales of 19 to 42 percent. Auto1 is already seeing "an increase in volatility and a deterioration in the consumer climate" in its Central and Eastern European markets, as stated in the quarterly report. "The future impact on Auto1 Group's business will depend on the duration, extent and intensity of the conflict." Following the announcement on Wednesday, the share price plummeted. At 2:30 p.m., the share reached its lowest point at 9.29 euros. In the morning, the share price opened at 11.70 euros.