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Auto Trader Group plc (OTCPK:ATDRY) (OTCPK:ATDRF) moved 1.5% higher in London afternoon trading after Deutsche Bank initiated coverage of the auto retailer with a Buy rating.
Analyst Gareth Davies noted that Auto Trader (OTCPK:ATDRY) is the UK's largest digital company. automotive market, bringing together the largest and most engaged consumer audience with the largest group of vehicle sellers. He noted that the average live stock on the Auto Trader platform per month through 2023 was 437,000 cars. It also noted the 69.6 million cross-platform visits on average each month in 2023, with a monthly average of 513.6 million minutes spent across all platforms.
In its latest semi-annual report, Auto Trader (ATDDRY) reported that the market's core business increased revenue by 9% and operating profits by 10%, with operating profit margins remaining above 70%. Auto Trader Group CEO Nathan Coe recently said the company is well positioned for long-term growth as it further develops Auto Trader's core business, expands it to enable car buyers to complete more purchases in line and provides the industry: leading data and technology platform for its customers.
