Harrison

Sandstone - Founder/CIO

[Harrison @HarrisonMoot]

@justfactstruth DM

[Harrison @HarrisonMoot]

@Charles_SEO Where does this screenshot come from?

[Harrison @HarrisonMoot]

@camworboys @CashApp How many is that @camworboys ??

[Harrison @HarrisonMoot]

@emcross23 Exciting. Adding new viral coefficient to the model 🚀

[Harrison @HarrisonMoot]

@michaelfrazis Really?? Moving across again... :(

[Harrison @HarrisonMoot]

@emcross23 and we've still got Thursday! 🤩🤩🤩🤩

[Harrison @HarrisonMoot]

@HamishCorlett Thank you HC!

[Harrison @HarrisonMoot]

https://t.co/YMUbkg4gDr

[Harrison @HarrisonMoot]

@GeoffWilsonWAM @YASHSINGH196690 >10,001

[Harrison @HarrisonMoot]

10/10 Takeaway: Auto1 shows that winning marketplace models often aren't asset-light. By taking on the complex physical operational stack - logistics, inventory, and refurbishment - Auto1 has built scale economies that are highly difficult for competitors to replicate.

[Harrison @HarrisonMoot]

8/10 The competitive moat is built on physical infrastructure and data. Auto1 operates over 725 drop-off branches and 12 refurbishment centers. Its pricing engine is powered by a proprietary dataset of nearly 6 million historical transactions since inception in 2012.

[Harrison @HarrisonMoot]

9/10 Co-founder @TheBertermann still runs the business as CEO and holds a large 10%+ personal stake. He is building a business for the long-term and ambition for a much larger business.

[Harrison @HarrisonMoot]

7/10 Unlike US analogues, Auto1 does not rely on subprime financing. European lending laws tilt heavily toward prime and near-prime borrowers. Auto1 originates these high-quality loans and packages them into asset-backed securities (ABS) to secure low funding costs.

[Harrison @HarrisonMoot]

1/10 @AUTO1_Group ($AG1) all the key elements we look for in a great investment. Founder-led. Rapid growth in a massive market. Dominant and strengthening competitive advantage (network effects + scale economies). Underwrite on 2-3 year HSD cash flow multiple.

https://t.co/BL45DWrMe6

[Harrison @HarrisonMoot]

6/10 The business operates through two main segments. The core wholesale division, Merchant (https://t.co/RxQmfzcOG1), accounts for 90% of volume. It functions as a fast-turning clearing engine, holding vehicles for an average of just 30 days to keep inventory risk low.

[Harrison @HarrisonMoot]

5/10 A key differentiator from US peers is geography. The European market is highly fragmented with diverse languages, regulations, and tax regimes. Auto1 solves this through cross-border arbitrage: more than 60% of the vehicles it buys are transported and sold in a different country.

[Harrison @HarrisonMoot]

4/10 Auto1 uses a consumer-to-business (C2B) model via local brands like WirKaufenDeinAuto ("We Buy Your Car"). By offering instant AI-generated pricing and immediate payment, it eliminates the traditional pain points of private listings and low-ball dealer trade-ins.

[Harrison @HarrisonMoot]

3/10 Last year, Auto1 traded about 840,000 vehicles, more than 2,300 a day, across 30 countries in continental Europe. With roughly 3% market share today, the company is early in its penetration of a highly fragmented €600 billion annual used car market.

[Harrison @HarrisonMoot]

2/10 Often called the "Carvana of Europe," ($CVNA) Auto1 is a vertically integrated online platform. Unlike traditional classified sites, Auto1 buys cars directly from consumers, brings them onto its balance sheet, manages logistics, and sells to both dealers and retail consumers.