German startup AUTO1 gets $558 million Softbank investment
BERLIN (AP) - Japan's Softbank is investing 460 million euros ($558 million) in German used car trading platform AUTO1.
The Berlin-based company was launched in 2012 and operates in over 30 countries, selling more than 40,000 cars a month on its associated sites.
AUTO1 said in a statement Monday that the investment from Softbank Vision Fund values its business at 2.9 billion euros. The company had revenue of 1.5 billion euros last year.
Akshay Naheta, a partner at SoftBank Investment Advisors, was quoted as saying that AUTO1's platform adds "efficiency and transparency to the fragmented used car market, which is worth more than $300 billion annually."
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.