17.9 C
New York
Friday, May 20, 2022

Used Car Startup Auto1 Boosts Sales, But Still Not Profitable

- Advertisement -
- Advertisement -

Christian Bertermann and Hakan Koç founded the Berlin startup Auto 1 in 2012.

Online used car dealer Auto1 finished last year with a surprisingly strong fourth quarter and intends to continue growing in the current year. The group was able to increase sales by more than two-thirds to 4.78 billion euros in 2021, Auto1 announced in Berlin on Wednesday.

Loss before interest, taxes, depreciation and amortization adjusted for special effects also increased considerably from EUR 15.2 million to EUR 107.1 million. As a fast-growing online company, Auto1 does not intend to break even before 2023.

Auto1 does not operate in Russia

This year, CEO Christian Bertermann aims to sell between 650,000 and 770,000 cars, of which between 70,000 and 90,000 will be in the private customer segment. That would be up nearly 30 percent from a year earlier, and private customers could even more than double.

Sales are expected to rise to between €5.7bn and €6.8bn in 2022. In Central and Eastern Europe, the company has noted a deterioration in consumer climate, which could possibly continue, it said. The company is not active in Russia and only to a very small extent in Ukraine.

Source link

- Advertisement -

New Articles