Auto1 surprisingly publishes company figures

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

Auto1 said it sold about 120,000 cars on its platform in the third quarter, up 82 percent from a year earlier. Revenue fell by a fifth compared to the third quarter last year. However, adjusted EBITDA was able to grow and stands at 16 million euros. In the same quarter last year, it was only 11.5 million euros.

The company justifies the decline in sales with the Corona pandemic. However, it said 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 based on adjusted EBITDA. Now we will continue to focus on our mission to build the best all-digital car buying experience with Autohero."

Auto1 is one of Germany's most valuable start-ups, with a valuation of €2.9 billion. Handelsblatt

reported back in the summer that company is looking to go public. Apparently that's why the Berlin start-up is now having its balance sheet looked at. Auto1 is active in more than 30 countries and operates, among others, the websites Autohero and wirkaufendeinauto.de.