Deutsche Bank has teamed up with Allianz and European startup Auto1 to launch a new FinTech firm called Auto1 Fintech, which will offer financing and insurance products to automobile dealerships buying and selling used vehicles via Auto1.
Auto1 employs around 2,800 people and generates a turnover of 1.5 billion euros per year. Around 3,000 vehicles change hands every day via the online platform – amounting to just under 1 million vehicles since it began operating in 2012.
“By providing automobile dealerships with financing via a digital platform, we free up capital that would otherwise be tied up in equity. This means that the dealerships have a lot more flexibility when new opportunities present themselves on the market,” explained Stefan Hoops, head of capital markets Germany for Deutsche Bank.
“By securitising vehicle loans, as a bank, we are expanding what is an attractive asset class for investors.”
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