Sandstone - Founder/CIO
Sydney
Joined December 2018
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Anthropic S-1 numbers exciting.
Much for profitable than expected, after normalising for costs.
All costs.
Harrison retweeted
AUTO1 Group SE $AG1.DE
Digital platform for buying and selling cars in Europe (“Carvana of Europe”). -10% ytd / +70% since April; EUR 5.58bb mkt cap / EUR 6.70bb EV; 22.6x NTM EV/EBITDA, 37% EBITDA growth (2026 est); car trades +22% YoY
Founder led, 3% of market, wholesale division (90% of volume) funding newer, higher-margin retail division.
Written up recently by
@HarrisonMoot
@MnkeDaniel
Rockfish
@LuxOpesResearch
8/10 The competitive moat is built on physical infrastructure and data. Auto1 operates over 725 drop-off branches and 12 refurbishment centers. Its pricing engine is powered by a proprietary dataset of nearly 6 million historical transactions since inception in 2012.
9/10 Co-founder @TheBertermann still runs the business as CEO and holds a large 10%+ personal stake. He is building a business for the long-term and ambition for a much larger business.
1/10 @AUTO1_Group ($AG1) all the key elements we look for in a great investment. Founder-led. Rapid growth in a massive market. Dominant and strengthening competitive advantage (network effects + scale economies). Underwrite on 2-3 year HSD cash flow multiple.
open.spotify.com/episode/4pB…
![Auto1: EU-sed Car Marketplace - [Business Breakdowns, EP.246]](https://pbs.twimg.com/card_img/2117020188654899200/LSgNat-c?format=jpg&name=420x420_2)
5/10 A key differentiator from US peers is geography. The European market is highly fragmented with diverse languages, regulations, and tax regimes. Auto1 solves this through cross-border arbitrage: more than 60% of the vehicles it buys are transported and sold in a different country.
4/10 Auto1 uses a consumer-to-business (C2B) model via local brands like WirKaufenDeinAuto ("We Buy Your Car"). By offering instant AI-generated pricing and immediate payment, it eliminates the traditional pain points of private listings and low-ball dealer trade-ins.
3/10 Last year, Auto1 traded about 840,000 vehicles, more than 2,300 a day, across 30 countries in continental Europe. With roughly 3% market share today, the company is early in its penetration of a highly fragmented €600 billion annual used car market.
TrustPilot is eating Google's SERPs alive.
(And most SEOs are missing it):
Google has been obsessed with authority sites for 5 years straight.
Reddit. LinkedIn. Quora. YouTube.
Now TrustPilot is dominating commercial keywords.
Here's what's happening:
• Google is doubling down on UGC + authority signals
• TrustPilot = insane domain authority + brand trust + UGC
• Individual company profile pages are ranking for high commercial intent keywords
• Even black hat keyword-stuffed profiles are winning
The numbers speak for themselves:
Monthly Audience: 1.3B
AI Visibility: 63/100
Mentions: 788.2K
Cited Pages: 1.6M
Google isn't just favoring these platforms.
They often have corporate deals with them.
The writing is on the wall:
If you can't beat the authority sites Google loves, use and abuse them.
TrustPilot review pages are becoming one of the strongest parasite SEO domains in the world.
Smart marketers are already capitalizing on this shift.
Follow me @ahmadnahll for more content on AI and Marketing
"More than one-third of all used-car buyers, or 36%, can imagine a car-buying process that takes place completely online. In the previous year, this was true for just 22%."
$AG1 Auto1
datgroup.com/fileadmin/pl/DA…