Daniel Mahncke and Shawn O'Malley take a deep dive into Auto1 Group (ETR: AG1), the Berlin-based used-car platform. They examine whether Auto1's instant-guaranteed-pricing model is a genuine consumer moat or a balance-sheet liability in disguise, what the economics actually look like in 2026 once you separate the merchant flywheel from the retail build-out, and the more uncomfortable side of the bull case.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:23) Why the traditional used-car market doesn’t work well
(00:10:24) About the size of the used-car market
(00:13:11) How Auto1’s business model works
(00:16:38) Who Auto1’s founders are
(00:26:15) How Auto1 buys and sells cars
(00:37:27) How the unit economics work
(01:03:12) Valuation discussion of AG1
(01:06:58) Whether Auto1 is valued attractively
(01:08:58) Whether Shawn and Daniel add AG1 to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
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 <li>Portfolio Review <a href="https://tivc-portfolio-review.vercel.app/submit">Submit Tool</a>.</li>
 <li>Value Investors Club <a href="https://www.valueinvestorsclub.com/idea/Auto1_Group_SE/1027651503">Pitch on Auto1</a>.</li>
 <li>Business Breakdowns <a href="https://colossus.com/episode/auto1-eused-car-marketplace/">Episode on Auto1</a>.</li>
 <li>Auto1 <a href="https://ir.auto1-group.com/">Investor Relations</a>.</li>
 <li>Check out our previous Intrinsic Value breakdowns: <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/copart-cprt-the-100-bagger-junk-yard-w-daniel-mahncke-shawn-omalley/">Copart</a>, <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/ferrari-race-high-speed-compounder-w-shawn-omalley-daniel-mahncke/">Ferrari</a>, <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/transdigm-tdg-a-conglomerate-of-monopolies-w-daniel-mahncke-shawn-omalley/">⁠</a><a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/uber-cash-burner-to-compounder-w-shawn-omalley-and-daniel-mahnke/">Uber⁠</a>, ⁠<a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/grab-holdings-grab-why-uber-surrendered-southeast-asia-tivp/">Grab</a>, <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/lyft-inc-lyft-the-key-to-winning-the-av-wars-w-shawn-omalley-daniel-mahncke/">Lyft</a>, <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/exor-nv-exo-too-good-to-be-true-w-shawn-omalley-daniel-mahncke/">Exor NV</a>, <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/mercedes-benz-mbg-can-benz-reinvent-the-car-w-daniel-mahncke-shawn-omalley/">Mercedes-Benz</a>.</li>
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