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 u...
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.
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