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AUTO1 raises sales guidance at Autohero retail division

BERLIN, March 23 (Reuters) - AUTO1, the German online used-car platform, on Tuesday raised its sales guidance for its Autohero retail division, just over a month after its well-received initial public offering on the Frankfurt stock exchange.

AUTO1 now expects units sold at Autohero to be in a range of 32,000 to 38,000 for the full year, up from an earlier projection of more than 29,000 units. First quarter sales are seen at 7,200 to 7,900 units, up from 2,363 a year earlier.

The company is focusing on its direct-to-consumer business as a driver of growth, in addition to its existing dealer-centric platforms.

Shares in the Berlin-based startup are trading around 30% above the price at which they listed, valuing the business at just over 10 billion euros ($11.9 billion). AUTO1 is due to report fourth-quarter results on Wednesday morning. ($1 = 0.8429 euros) (Reporting by Douglas Busvine Editing by Madeline Chambers)

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