Automatic
The Fintech platform that connects independent auto dealers and lenders
Analytics
Raised: $2,700
Aggregate Commitments $
Platform
Republic
Start Date
09/20/2022
Close Date
12/31/2022
Min. Goal
$25,000
Max. Goal
$2,400,000
Min. Investment
$500
Security Type
SAFE
Funding Type
RegCF
Series
Seed
Valuation Cap
$20,000,000
Discount Rate
0%
Rolling Commitments $
Status
Active
Reporting Date
10/05/2022
Days Remaining
87
% of Min. Goal
11%
% of Max. Goal
0%
Likelihood of Max
Avg. Daily Raise
$180
# of Investors
5
Momentum
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Location
Vernon, Connecticut
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2B
Margin
Medium
Capital Intensity
Low
Automatic, with a valuation of $20 million, is raising funds on Republic. It is a fintech platform that connects lenders and independent auto dealers in the used car space. The app improves the experience for used car buyers, finance managers, and insurance managers. It has helped to reduce the loan approval time by 87.5% and data entry by 75%. Automatic has over 1,400 dealership partnerships and $25-$30 million in recurring monthly deal flow. Eric Burney, Max Kane, and John Liu founded Automatic in January 2020. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $2.4 million. The campaign proceeds will be used for business development, loan program, product and key hires, marketing, and operations.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$40,798 |
$32,808 |
|
COGS |
$0 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-940,207 |
$-53,088 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$11,845 |
$382,108 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$879,721 |
$695,184 |
|
Short-Term Debt |
$116,665 |
$85,508 |
|
Long-Term Debt |
$1,693,686 |
$600,099 |
|
Total Liabilities |
$1,810,351 |
$685,607 |
Financials as of: 09/20/2022
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