SoftBank-Backed Car Website Auto1 Is Said to Invite IPO Pitches

Auto1 Group GmbH, the German online used-car marketplace, is ramping up preparations for a planned initial public offering, people with knowledge of the matter said.

The company is inviting banks to pitch for a role on the share sale, according to the people, who asked not to be identified because the information is private. It is considering Frankfurt as a listing venue, the people said.

Auto1 was valued at about 2.9 billion euros ($3.4 billion) when SoftBank Group Corp.’s Vision Fund invested in 2018. The Berlin-based company is aiming for a valuation above that level in the IPO,...