Auto1, an online car dealer, has surpassed expectations and raised its profit forecast, bringing a positive boost to investor sentiment. CEO and co-founder Christian Bertermann shared the company’s success in the third quarter, highlighting strong growth figures and momentum across all business areas. As a result, Auto1 has increased its forecast for key figures for the full year 2024.
The market responded positively to Auto1’s performance, with the share price jumping significantly after the strong third quarter results. The SDax-listed share price rose by 15.4 percent to EUR 10.18, marking a significant increase. Although the share price has seen fluctuations throughout the year, long-term investors have seen some recovery since the company went public in 2021.
Analysts such as James Tate from Goldman Sachs and Marcus Diebel from JPMorgan have praised Auto1’s quarterly results, noting that the increased targets exceeded expectations. The company now expects to achieve an operating result of EUR 72 to 84 million in 2024, up from the previous forecast. Additionally, Auto1 plans to increase sales volume and gross profit, reflecting its strong performance in the third quarter.
In the third quarter, Auto1 saw record sales and earnings figures, with a significant increase in vehicle sales and turnover. The company reported a profit of 34.3 million euros in adjusted EBITDA, a substantial improvement from the previous year. With these results and the revised forecast, Auto1 has outperformed analysts’ expectations and continues to demonstrate its growth potential in the online car sales market.
