Automatic

Early Stage

The Fintech platform that connects independent auto dealers and lenders

Analytics

Raised to Date: 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
unlikely
Avg. Daily Raise

$180

# of Investors

5

Momentum
cold.svg
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Location

Vernon, Connecticut

Industry

Financial & Insurance Products & Services

Tech Sector

Fintech

Distribution Model

B2B

Margin

Medium

Capital Intensity

Low

Business Type

High Growth

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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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Automatic 12/31/2022 Republic $20,000,000 $2,700 SAFE Active RegCF
Automatic 11/12/2021 Wefunder $13,000,000 $1,377,416 SAFE Funded RegCF
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Automatic on Republic 2022
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Platform: Republic
Security Type: SAFE
Valuation: $20,000,000
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