Keep pulling the thread on Daniel Mahncke.
Carvana nearly went bankrupt and had to restructure $5 billion of its debt.
Auto1 Group is growing at over 20% per year and has recently achieved its first profitable years.
In the last year, Auto1 Group sold approximately 840,000 cars, representing a 22% year-over-year growth rate and a 3% market share.
Auto1 Group's management has a stated goal of reaching a 10% market share in the European used car market.
The CEO of Auto1 Group claims the company's proprietary transaction data provides a significant competitive advantage against potential AI-driven competitors because the data is not publicly available.
The new 5-year compensation plan for Auto1 Group's CEO, running through 2030, includes a key performance hurdle of the company's share price reaching a 3-month average of €75.
UK-based online used car company Kazoo went bankrupt after raising over €2 billion.
US-based online used car companies Shift and CarLots merged, only for the combined entity to go bankrupt.
Carvana's stock increased tenfold over the course of 2023 after starting the year as a penny stock.
The European used car market is valued at approximately €700 billion per year with about 40 million transactions annually.
According to McKinsey, the top 20 used car retailers in the US hold about 20% market share, whereas in Europe the top 20 hold less than 10%.
Auto1 Group sells approximately 60% of its cars across national borders within Europe to arbitrage price differences between countries.