Auto1 moves up to SDAX

The shares of the online used car dealer are included in the small cap index. Grenke flies out.

The used car start-up Auto1 has already reached the next milestone: the share has been promoted to the SDAX - the index for small companies. Deutsche Börse subsidiary Qontigo announced the move on May 10 following an unscheduled review. Grenke, which has violated the stock exchange's "basic criteria", will go for Auto1. The company published its annual report and thus its financial report too late. The next scheduled review for the indices is due on June 3.

Auto1 only went public in February. The used car dealer was founded in 2012 and is active in more than 30 countries. The start-up employs 4,200 people. Last year, Auto1 sold around 450,000 vehicles. The brands are known as Wirkaufendeinauto.de and Autohero, among others. Auto1 raised around 1.5 billion euros with the IPO. The start-up has earmarked half of this for further growth.