Auto1 publishes surprising company figures

The used car platform Auto1 has presented its first quarterly figures - and they are impressive.

According to Auto1, it sold around 120,000 cars on its platform in the third quarter, representing 82 percent growth compared to the previous year. Turnover fell by a fifth compared to the third quarter of the previous year. However, the adjusted EBITDA grew and amounted to 16 million euros. In the same quarter of the previous year, it was only 11.5 million euros.

The company attributes the decline in turnover to the coronavirus pandemic. However, it was able to achieve a higher EBITDA because margins have improved. "This year has brought unprecedented challenges," says CEO and co-founder Christian Bertermann. "We are proud to have grown profitably in the third quarter on the basis of adjusted EBITDA. Now we will continue to focus on our mission to build the best fully digital car buying experience with Autohero."

With a valuation of 2.9 billion euros, Auto1 is one of the most valuable start-ups in Germany. Handelsblatt already reported in the summer that the company is aiming to go public. Apparently this is why the Berlin start-up is now having its balance sheet looked at. Auto1 is active in more than 30 countries and operates the Autohero and wirkaufendeinauto.de websites, among others.