Auto1 Group, the renowned German used-cars dealer, has revised its sales projection for the year, expecting to sell approximately 625,000 units. This figure represents a slight decrease from its earlier forecast of between 625,000 and 690,000 units.
Despite the tempered sales expectations, Auto1 Group has set its sights on reporting a narrower adjusted loss. The company aims to achieve an adjusted loss before interest taxes depreciation and amortization between 50 million euros and 70 million euros ($54.9 million-$76.9 million). This target represents a positive shift from its previous estimate of a loss ranging from EUR60 million to EUR90 million.
In the second quarter, Auto1 Group experienced a loss in adjusted Ebitda of EUR14.8 million, a notable improvement compared to the year-earlier period's loss of EUR46.8 million. Revenue took a hit, decreasing by 23% to EUR1.34 billion due to a decline in units sold, which fell by 15% to 141,682.
Within the group's sales performance, the merchant division claimed the lion's share, selling 127,285 units, while the retail division accounted for 14,397 units sold.
"We made significant progress towards reaching break-even in the second quarter," stated Chief Executive Christian Bertermann.
Auto1 Group is scheduled to release its full first-half report on Sept. 13.