AUTO1 Group announced that it has closed its inaugural EUR 150 million asset backed securitisation, refinancing car loans extended to Autohero customers, with Citigroup as Senior Note Purchaser. Autohero is offering embedded, fully digital car financing options currently to its customers in Germany and Austria. By closely integrating the car purchase and car financing into a single digital transaction, Autohero is building the best car buying experience.

The ABS transaction re-finances both existing consumer loans, further improving AUTO1 Group's strong cash position, as well as future consumer loans. The ABS initially covers car loans originated in Germany and Austria as direct sales financing but is structured to be upsized and cover additional markets going forward. With this ABS, AUTO1 Group has access to scalable and low cost capital to accelerate the growth of its embedded financing offer for Autohero customers.

The ability to issue its own consumer car loans and access the ABS market are important differentiators for AUTO1 Group, allowing it to digitise the EUR 100 billion European car finance market.