Berlin, February 28, 2024 – AUTO1 Group SE, Europe’s leading digital automotive platform for buying and selling used cars, today reported financial results for the full year and fourth quarter of 2023, highlighting its best ever profitability result in 2023 as a public company and confirming its growth strategy for 2024.

Result Highlights for Full Year 2023

• Record gross profit of EUR 527.9 million, up 8% year over year
• Record Retail gross profit per unit in Q4 of EUR 1,970, up 57% year over year
• Best Adjusted EBITDA result since IPO of EUR (44) million, an improvement of EUR 122 million compared to the full year 2022
• Total Units sold at 586,084

Christian Bertermann, CEO and Co-founder of AUTO1 Group: “2023 was a huge success from a financial perspective: We significantly improved the balance of investments, costs and margin requirements and hit our first profitable quarter of adjusted EBITDA in Q3. Having laid the foundation for long-term profitable growth over the past 12 months, we aim to seize the massive EUR 700 billion market opportunity ahead of us with increasing traction. We are looking at the year ahead with excitement and curiosity and the high energy level that characterizes our teams. Our north star remains to maximize value for our merchants and consumers when they buy, sell or finance their next vehicle."

Markus Boser, CFO of AUTO1 Group: “Improving our adjusted EBITDA by EUR 122 million year over year is not just an impressive number, it’s a testament to the great work and dedication of our team. This achievement underscores our commitment to our financial targets while delivering exceptional customer experiences. Our strong cash position reinforces our solid foundation, ensuring we are well-equipped to seize the growth opportunities ahead of us and invest into innovation and technology for our customers.”

Fourth quarter business performance

AUTO1 Group sold 146,666 units in total in Q4, up 4% quarter over quarter, generating revenue of EUR 1.3 billion, up 2% quarter over quarter. Group gross profit was EUR 133.8 million.

AUTO1 Group’s Retail business Autohero reported record GPU (gross profit per unit) of EUR 1,970 in Q4. Autohero sold 15,745 units, up 6% quarter over quarter, generating revenue of EUR 254.0 million, up 8% quarter over quarter. Retail gross profit was EUR 30.1 million, up 4% compared to Q3 2023.

The Merchant segment AUTO1.com sold 130,921 vehicles to partner dealers, up 4% quarter over quarter, and delivered GPU of EUR 792. Merchant revenue was EUR 1.07 billion, slightly up quarter over quarter and gross profit was EUR 103.7 million.

Financial Outlook

AUTO1 Group provides the following full-year guidance for 2024:

• Total units at 610,000 - 665,000 (2023: 586,100 units)
• Units in the Merchant segment at 540,000 - 595,000 (2023: 523,000 units)
• Units in the Retail segment around 70,000 (2023: 63,100 units) with GPU at the EUR 1,900 level
• Total gross profit at EUR 565 - 625 million (2023: EUR 527,9 million)
• Adjusted EBITDA breakeven for the full year (2023: EUR (44) million)

Selected Financial Data 

^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.

The group’s financial results for the fourth quarter and full year 2023 can be found in the company’s quarterly trading update presentation in the Investor Relations section of the AUTO1 Group homepage. 

AUTO1 Group will publish its annual report for 2023 on 4 April 2024.

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 contact

Marc Schellenberger

Head of Investor Relations 

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

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.