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Deutsche Bank forges automobile alliance

Staff Writer |
Deutsche Bank and Allianz, together with Auto1 have set up a new fintech Auto1 FinTech, which will offer financing and insurance products to automobile dealerships buying and selling used vehicles via Auto1.

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The three partners closed the deal last Friday. Together, the three partners hold the majority stake in the new enterprise.

As an independent and multi-brand automobile wholesaler, Auto1 caters exclusively to the commercial used vehicle market.

The company employs around 2,800 people and generates a turnover of 1.5 billion euros per year.

Around 3,000 vehicles change hands every day via the online platform – amounting to just under 1 million vehicles since it began operating in 2012.

According to its own statements, the company is the leading marketplace for used vehicles throughout Europe.

The Softbank stake concluded at the beginning of the year brings its market price to approximately 2.9 billion euros on paper. This makes Auto1 one of the most valuable non-listed younger companies in Europe.

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