Hogan Lovells advises banks on ABS financing of online used car dealer AUTO1

In the course of its IPO in February, the company undertook a new type of securitization. Used vehicles in nine countries were securitized rather than receivables, as is usually the case. The financing volume is divided into 400 million Euros of senior notes, 35 million Euros of mezzanine notes and 50 million Euros of junior notes. Proceeds from the notes will be used to finance inventory across Europe to improve vehicle selection for wholesale and retail customers. 

Crédit Agricole Corporate and Investment Bank acted as lead arranger, while Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, Intermediate Capital Group and Royal Bank of Canada participated as noteholders.

AUTO1 Group was founded in 2012 by Christian Bertermann and Hakan Koç and is headquartered in Berlin. The company employs 4,000 people in 30 countries and specializes in digital used car trading. In the German market, the online purchasing platform "wirkaufendeinauto.de" is best known. 

The transaction was particularly complex involving very different jurisdictions. Hogan Lovells advised the banking consortium on all contractual, tax and regulatory matters relating to the securitization.

Hogan Lovells Team for the banks 

Frankfurt

Dietmar Helms (Partner), Bianca Engelmann (Partner), Anna Rogge (Senior Associate) Fugui Tan (Senior Foreign Associate) (all Corporate & Finance);

Düsseldorf

Heiko Gemmel (Partner), Anne-Svenja de Kiff (Counsel) (both Tax); 

München

Florian Putzka (Senior Projects Associate, Corporate & Finance);

Amsterdam

Robert Masman (Partner), Jan de Snaijer (Partner), Alexander Fortuin (Counsel), Dylan Goedegebuure (Counsel), Yvette Voermans (Associate) (all Corporate & Finance); 

Maria Benbrahim (Counsel, Employment);

London

Julian Craughan (Partner), Dennis Dillon (Partner), Emma Burrell (Associate) (all Corporate & Finance);

Paris

Sharon Lewis (Partner), Marie-Agnès Guillemare (Senior Associate), Alisa Davies (Senior Associate) (all Corporate & Finance);

Rome

Serena Pietrosanti (Counsel), Giulia Arenaccio (Counsel), Maria Cristina Conte (Senior Associate) (all Corporate & Finance);

Madrid

Jose Luis Vázquez (Partner, Corporate & Finance);

Warschau

Mateusz Dereszynski (Senior Associate, Corporate & Finance).