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Auto1 cofounders Christian Bertermann & Hakan Koc Auto1 This story is available exclusively lớn Insider subscribers. Become an Insider và start reading now.
Auto1 could IPO in Frankfurt next month, Insider understands. The SoftBank-backed used car platkhung may target a valuation north of $8 billion, higher than anticipated. Auto1 said Wednesday that it seeks to raise $1.2 billion, but did not give sầu detail on a valuation. The mooted higher valuation comes amid strong performance from Auto1"s US competition.
Auto1 Group, a European platkhung for used oto sales, could IPO in Frankfurt as early as next month at a higher-than-expected valuation, Insider understands from a well-placed source.

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The company has hired Goldman Sachs, Citi & BNP Paribas as global coordinators of its initial public offering, per Reuters.

During the third quarter of 20đôi mươi, the eight-year-old"s startup"s valuation was mooted at around €5 billion ($6.1 billion).

Insider now understands the valuation is likely lớn l& north of $8 billion. The higher price target is thought to reflect the company"s improved financials và the strong performance of its US competition.

Auto1 declined to comment.

The company announced publicly on Wednesday that it planned khổng lồ float on the Frankfurt Stochồng Exchange in the first quarter of 2021, aiming to raise €1 billion ($1.2 billion). It did not phản hồi on valuation.

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Founded in 2012 by Christian Bertermann và partner Hakan Koc, Auto1 has so far brought in $1.4 billion in funding from investors including the SoftBank Vision Fund và is the top platsize for buying & selling in Europe"s approximately €600 billion ($730.5 billion) used car market.

The company"s third quarter revenues were up 90% year-on-year, and the firm reported an 82% increase in the number of cars sold. The company also reported adjusted EBITDA of €16 million ($19.5 million), while gross profit margin grew from 9.5% lớn 11.3%.

Vroom, a US rival also founded in 2012, floated on the Nasdaq in June 20trăng tròn & initially surged from $22 IPO price lớn more than double that. The nói qua price has since pared to lớn $38.89 (as of the cchiến bại of trading on Wednesday) giving the company a market cap of around $5 billion.

Carvana, another publicly listed user oto company in the US, reported a revenue rise of 38% year on year in the third quarter of 20đôi mươi to lớn $1.3 million. It trimmed its net loss to $7 million for the quarter, from $30 million over the same period in 2019. The company has seen its share price skyrocket from $113 on the day Vroom went public lớn $289 — a 155% increase. Carvamãng cầu now has a market cap of almost $50 billion.

The jewel in Auto1"s crown, & the reason investor excitement has risen, is its direct-to-consumer business Autohero. Autohero is the company"s online used oto sales service, similar lớn UK service Cazoo và Carvana"s offering, which has seen tremendous growth in 20đôi mươi amid the coronavirus pandemic.