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Online car dealer Auto1 partners with Deutsche Bank, Allianz on car financing

Germany-based Auto1 Group GmbH has struck partnerships with Deutsche Bank AG and Allianz Group unit Allianz SE to ease financing for customers who purchase used vehicles from the online car trading platform through a new fintech firm, Bloomberg News reported, citing Auto1 co-CEO Hakan Koc.

Auto1 Fintech, in which the three firms together have a more than 50% stake, will offer insurance products and refinancing loans to car dealers purchasing vehicles from the group, the executive said. Auto1 Fintech has already launched operations in Germany and is set to expand in Poland and France later in 2018, Koc said.

Auto1 Group operates by buying used cars from individuals and selling them to dealerships, which are able to instantly refinance their purchases online rather than through a longer paper-based process, Koc said, adding that the aim behind this approach is to boost sales.

Japan-based SoftBank Group Corp. was previously reported to be investing €460 million into Auto1 Group.