AUTO1 CAR FUNDING (Comp FinanceHero 2024-1): 28 July 2024

A stand-alone transaction, where payments of interest and principal on the Notes are subject to available funds resulting, in particular, from the collections on a portfolio of vehicle instalment purchase receivables originated under certain Instalment Purchase Agreements and secured on the retained title to the relevant vehicles located in the Federal Republic of Germany.

Founded in 2012, AUTO1 Group is a multi-brand technology company. Its local European consumer brands, like wirkaufendeinauto.de, offer consumers a way to sell their car in nine European markets: Germany, Austria, Sweden, the Netherlands, Belgium, France, Spain, Portugal and Italy. Its merchant brand, AUTO1.com, is Europe's largest wholesale platform for car trading professionals across thirty countries in Continental Europe. AUTO1 Group, as Europe’s largest used car trading platform, generated consolidated revenue of EUR 5.5 billion in 2023, buying and selling over 580,000 used cars in the year.

As at the cut-off date (28 May 2024) the portfolio consisted of 18,597 receivables, advanced to 18,518 borrowers, where the Average Outstanding Loan Size is Eur11,993. Car type: Used – 100.00%. The WA seasoning is 14.2 mnths.

EU Risk Retention: The Risk Retention Holder will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 6 paragraph (3)(d) of the EU Securitisation Regulation, by providing the Class E Loan as well as the Sub-Loan until the earlier of the redemption of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes in full and the Legal Maturity Date.

US Risk Retention: The transaction will not involve risk retention by the Seller for the purposes of the US Risk Retention Rules, but rather will be made in reliance on an exemption provided for in Section __.20 of the US Risk Retention Rules regarding non-US transactions.

STS: The transaction meets the requirements for simple, transparent and standardised non-ABCP securitisations provided for by Articles 19 to 22 of the EU Securitisation Regulation.

Compare/contrast: Globaldrive Auto Receivables BV 2024-A, Pony SA (German Auto Loans 2024-1)