Auto1 — the fast-growing German online car dealer — has no imminent plans to expand its business beyond Europe, where it is one of the leading marketplaces in its sector. Business magazine Capital reports the Berlin-headquartered firm does not intend to enter the lucrative markets in China, the U.S., or Japan, for now.

The news might come as a surprise, given last year’s record investment into Auto1 by Japanese conglomerate SoftBank, which poured €460 million of funds into the company. The deal, among the largest the German start-up scene has seen, turned Auto1 into one of the highest-valued private start-ups in Europe. The online car dealer is now estimated to be worth around €2.9 billion ($3.3 billion U.S.)

Following SoftBank’s investment through Vision Fund in early 2018, the Japanese investors announced plans to support Auto1’s global growth strategy. But in an interview with Capital, the company’s founders, Hakan Koç and Christian Bertermann, said they would focus on expanding the company’s portfolio in existing European markets.

Auto1, founded in 2012, is an online marketplace for used cars, catering to private buyers, dealers and the auto industry. The firm has a presence in 30 countries. Its brands include AUTO1.com, Wirkaufendeinauto.de, and AutoHero.  Auto1 sold more than 540,000 vehicles In 2018.

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