AUTO1 Group Achieves Record Profits and Growth in Q1 2024

AUTO1 Group SE, a leading online platform for used car trade in Europe, reported significant financial growth for the first quarter of 2024. The company achieved an all-time high in adjusted EBITDA and gross profit, indicating robust year-over-year and quarter-over-quarter improvements.

For Q1 2024, AUTO1's adjusted EBITDA reached EUR 17.0 million, a substantial increase of EUR 42.1 million from Q1 2023, and a EUR 21.5 million rise from the previous quarter. Gross profit also saw a significant hike, reaching EUR 162.9 million, up 22% from the preceding quarter. The company recorded a 4% increase in units sold year over year, totaling 163,766 units.

Christian Bertermann, CEO and Co-founder, expressed satisfaction with the company's performance, attributing the success to strategic initiatives like merchant financing. He emphasized the substantial effects of investments made in the past year, setting a positive trajectory for future growth. AUTO1 remains confident in their full-year guidance, increasing their gross profit forecast to EUR 570 - 650 million and adjusted EBITDA to EUR 20 - 40 million.