DGAP-News: AUTO1 Group SE
/ Key word(s): Financing
AUTO1 Group SE: AUTO1 Group closes inaugural consumer loan asset backed securitisation
- Inaugural EUR 150 million asset backed securitisation to re-finance car loans offered to Autohero customers
- Important milestone in building the best embedded financing experience in the used car market
Autohero, already the largest online-shop for used cars in the EU, is offering embedded, fully digital car financing options currently to its customers in Germany and Austria. By closely integrating the car purchase and car financing into a single digital transaction, Autohero is building the best car buying experience.
The ABS transaction re-finances both existing consumer loans, further improving AUTO1 Group's strong cash position, as well as future consumer loans. The ABS initially covers car loans originated in Germany and Austria as direct sales financing but is structured to be upsized and cover additional markets going forward. With this ABS, AUTO1 Group has access to scalable and low cost capital to accelerate the growth of its embedded financing offer for Autohero customers. The ability to issue its own consumer car loans and access the ABS market are important differentiators for AUTO1 Group, allowing it to digitise the EUR 100 billion European car finance market.
Markus Boser, CFO of AUTO1 Group: "Embedded, fully digital financing is a key growth driver for our Autohero business. This consumer loan ABS, alongside the recently announced upsizing of our inventory ABS, allows us to rapidly grow Autohero while reducing our cash investments. This transaction, and the trust of our banking partners it represents, is also a significant validation of our embedded finance offering and vision. Offering our own fully digital financing products, as well as efficiently re-financing them, sets us apart from our competitors and will become an important part of our vision, Building Europe's largest and most profitable car dealer."
For more information please visit www.auto1-group.com.
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.
06.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||AUTO1 Group SE|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Tradegate Exchange|
|EQS News ID:||1321153|
|End of News||DGAP News Service|