Capital Markets Event: Firming Up The Contours

研报英文原文证据摘录

Capital Markets Event: Firming Up The Contours

d supply. Auto1 is targetting market

share of 20-25% of dealers' c.10m unit external sourcing in the long-term (from 7% today).

Auto1 expects to add c.600 C2B branches in existing geographies, improve density, and fully

integrate the Autohero brand for its C2B sourcing channel.

Merchant GPU and Adj EBITDA driven by efficiencies, financing, and pricing. The drivers of

Merchant GPU improvement are twofold: (1) better trading, demand forecasting, and AI pricing,

and (2) continued rollout of add-on products such as financing, logistics, and documentation.

Improvement in Adj EBITDA driven by (1) marketing efficiencies from brand consolidation, (2)

optimisation at branches and customer service, and (3) efficiency gains in central costs.

Retail units growth driven by share gains on a super offering. Management identified the

current TAM to be 15m. p.a., supplemented by an additional 5m units from the shift away

from C2C transactions. Autohero remains well positioned due to its strength in selection,

convenience, and financing.

Retail GPU expansion from better trading and attachment rates. Trade GPU expansion

will be driven by (1) better sourcing from improved AI pricing and an increase in trade-

ins, and (2) better trading via selection, demand forecasting, brand, and experience. Finance

GPU expansion driven by growth in attachment rates (from 40% today to 50-60%; LT GPU

contribution of €870-1,100), continued scaling of the loan book, and lower opex/loan. Lastly,

management expects remaining GPU improvement from attached warranties, wheel set sales,

and other attached products.

Retail profitability driven by efficiencies and operating leverage. The largest drivers to