The business and private trading platform for vehicles Auto1 Group wants to go to the stock exchange in Frankfurt. The company behind Autohero.com and Wijkopenautos.nl would then be worth around five billion euros.
The Germans expect to withdraw about one billion euros from the market with the IPO. The lion’s share of this, around 750 million euros, is invested in accelerating growth. The focus is mainly on Autohero, a site where individuals can buy used and new cars.
Auto1 has created an ecosystem over the past eight years of its existence where it buys cars online and then offers them for sale to car dealers. That is an active network of approximately 60,000 car dealers. The IPO is not only an exit for early investors, but also an effort to further strengthen the B2C branch in addition to the B2B activities.
In 2019, the platform realized the sale of 615,000 cars. That generated a turnover of
3.5 billion euros, the company said the announcement. Auto1 sold 120,000 vehicles in the third quarter of 2020.
There is a visible trend in which there is less need for physical sales points for cars. It is increasingly common to buy a car via the Internet. The Germans are responding to this.
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