- MeinAuto Group increases adjusted revenue by 11% to €212 million
- Adjusted EBITDA increases by 25% to €38 million
- Subscription orders grew by 40% to 44,000 active subscribers
Munich, 30 March 2021 – MeinAuto Group, the leading platform for digital new car sales in Germany, today announced its 2020 financial results, demonstrating continued strong, profitable growth as the pandemic accelerated the shift from offline to online and increased the demand for personal mobility.
Germany’s new car market, Europe’s largest by some distance, has a total volume of €70 billion. In 2020, approximately 2% purchased their new car online. This is expected to increase to 15% by 2025. Customers’ propensity to purchase their new car online has increased by 15 percentage points to 35% in the last year alone. A growing number of customers realize that online solutions are more transparent, easier to use and have a better price than offline retailers. A shift in consumer demand from ownership to usership solutions is further accelerating if not boosting this market transformation.
Building on the trend for usership over ownership, MeinAuto Group offers flexible subscription solutions with comprehensive mobility services. Through its platforms MeinAuto Group registered 26 million visits in 2020. In the same timeframe, the company grew its active subscriber base to 44,000 and generated over 39,000 new car orders of which 80% were from B2C customers. Therefore, even as new car registrations in the German market fell by 19%, B2C subscription orders on MeinAuto.de grew by 40%.
At the same time, the Group continues to create strong customer satisfaction: approximately 80% of subscribers renew their contract and opt for a new subscription with MeinAuto Group. This creates the basis for further sustainable growth.
As a result, the Group’s adjusted revenue grew by 11% to €212 million in 2020 (2019: €191 million) and adjusted EBITDA grew by 25% to €38 million (2019: €31 million). During the same period, the Group’s B2C segment generated adjusted revenues from external customers of €121 million (2019: €98 million), a growth of 24%.
Rudolf Rizzolli, CEO of MeinAuto Group: “The new car market is one of the last massive retail markets where the shift from offline to online is just beginning. The increasing demand for smart usership solutions is clearly accelerating the online adoption. MeinAuto Group is ideally positioned to spearhead the transformation of the market. We are delivering the subscription solution that consumers ask for and are the market leader in digital new car sales in Germany. We are growing substantially faster than the market and are highly profitable on an adjusted EBITDA basis.”
About MeinAuto Group
MeinAuto Group is the market leader for digital new car sales in Germany. In a market where customers are increasingly looking online for usership rather than ownership solutions, the MeinAuto Group brands offer a fully digital, affordable and transparent monthly subscription for new vehicles and comprehensive services for all relevant brands and models in the German market. MeinAuto Group is headquartered in Oberhaching near Munich and employs around 380 people. For more information please visit www.meinauto-group.com
Media contact:
Kekst CNC
Knut Engelmann
+49 69 506 037 570
Information relating to financial terms
This announcement includes certain financial measures that are not presented in accordance with IFRS or any other internationally accepted accounting principles.
Adjusted Revenue means revenue of our reportable segments less (i) revenue from sales of previously subscribed vehicles, plus (ii) costs of sale in relation to direct vehicle sales and (iii) income from release of vehicle related provisions.
Adjusted EBITDAmeans net loss before interest, taxes, depreciation and amortization adjusted to include costs directly related to the subscribed vehicles, especially interest expenses for the financing of the vehicles and depreciation of the vehicles and excludes group refinancing structuring cost, legal and consulting fees related to non-ordinary course of business, structuring-/transaction costs, cost for the realignment of sales and business processes and other non-recurring adjustments, which management does not believe reflect the regular operating performance of MeinAuto Group’s core business.
DISCLAIMER
This release contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of MeinAuto Group (the “Company”). Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this release or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements. Moreover, it should be noted that all forward looking statements only speak as of the date of this release and that the Company assumes no obligation, except as required by law, to update any forward-looking statement or to conform any such statement to actual events or developments.
The Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise.