Press Release
AUTO1 Group on track for 2021 after strong Q4 2020
- AUTO1 Group benefits from digital business model in 2020
- Autohero in hyper-growth mode in Q4 and with strong start into 2021
- Rollout of Sell-From-Home solution completed across Europe
Berlin, 24. March 2021 - AUTO1 Group, Europe's leading platform for buying and selling used cars online, today announced fourth quarter results and 2021 guidance that demonstrate the continued success of its digital business model in the face of COVID-19 lockdowns. AUTO1 Group also updated full year 2021 guidance originally issued in the run-up to its successful IPO, which saw the group's shares list on the Frankfurt Stock Exchange's Prime Standard in February 2021.
AUTO1 Group revenues rose to €779 million in Q4 2020 (Q3: €769 million) showing the power of the Group's digital solutions even during COVID19 lockdowns. Despite impacts from COVID-19, full-year group revenues only declined to €2.83 billion from €3.48 billion a year ago. While revenues were impacted by a reduction of trading activity in the initial stages of the COVID-19 pandemic the Group is expecting renewed strong growth in 2021 on the back of its clear market leadership position and significant investment into the growth of Autohero.
AUTO1 Group's gross profit margin improved to 10.1% for the full year from 9.9% in 2019. Improved margins and the successful roll-out of its new digital sell-from-home solution combined with agile expense management helped AUTO1 Group achieve an adjusted EBITDA of €(15,2) million for the year (FY 2019: €(60,4) million). Underscoring the success of its business model, AUTO1 recorded two quarters of positive adjusted EBITDA during 2020, with an adjusted EBITDA of €1.2 million in Q1 and of €16.0 million in Q3.
Christian Bertermann, CEO and co-Founder of AUTO1 Group: "2020 was a transformative year for AUTO1. We fully digitized our customer journey and once again demonstrated both the enormous potential and resiliency of the AUTO1 business model. With our successful IPO in February of this year we are now optimally positioned to take advantage of the European online used car market opportunity. Our Autohero business is growing well ahead of our expectations and we will continue to invest massively in this opportunity as we build the best way to buy and sell cars online."
With its retail brand Autohero, AUTO1 Group has created an easy, hassle-free way for consumers to purchase used cars online and have them delivered to their doorsteps, making it the first fully digital car buying offering for consumers in Europe. The number of cars sold via Autohero nearly doubled to 10,153 in 2020, from 5,735 in the previous year. Autohero ended the year in hyper-growth mode, with the number of units sold in Q4 rising 72% from the previous quarter as the company rolled out its "Buy Your Car Simply Online" brand campaign across Europe.
In its Merchant business, in which the company operates Europe's largest wholesale platform for used cars, its Remarketing activities saw strong ongoing digital momentum, boosted by the launch of the brand new native EVA app. The number of remarketing units rose 27% year-on-year to 14,866 in Q4 and 50,630 units in FY 2020 (FY 19: 38,803). At the same time, Merchant GPU rose to record levels during the second half of the year, and was up 13% YoY at €632.7 at year-end (FY 19: €559.2).
For 2021, AUTO1 Group expects to generate revenue of €3.8-4.2 billion and gross profit of €360-410 million from the sale of 560,000-600,000 cars in its Merchant segment and 32,000-38,000 cars in its Autohero segment, or a combined total of 592,000-638,000 cars (FY 20: 457,431 cars). Given strong investment into Autohero branding and operations, AUTO1 Group expects an adjusted EBITDA margin for the year of between (2.0%) and (2.5%).
Markus Boser, CFO of AUTO1 Group: "Digitization has led to strong results in Q4, reflecting the power of our unified platform. We promised our investors not only that we will focus on the massive Autohero opportunity by investing significantly in expanding our retail business, but also to grow the consumer-to-business side with our unique Sell-From-Home solution and to further boost our remarketing business for dealers. We are delivering on all of these points, and that will continue to be our focus in the coming months."
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 online. 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 car online. AUTO1 Group is operating in over 30 countries and achieved revenues of €2.83 billion in 2020. 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.
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AUTO1 Group SE | Bergmannstrasse 72 | 10961 Berlin | Germany
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.
[1] Adjusted EBITDA is defined as EBITDA, adjusted for (i) share based payments, (ii) change of basis of assessment for value added taxes, (iii) correction of payables and (iv) other non operating expenses
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