Automatic

Fintech for auto financing

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Security Type
Crowd SAFE
Min Investment
$100
Location
VERNON, CT
Offering Date
September 20, 2022
Expected Close Date
December 31, 2022
Amount Raised
$2,700
Target Raise
$25K-$2M
No. Investors
5
Security Price
$1
Number of Employees
0
Cash
$11,845
Revenue
$40,798
Short Term Debt
$116,665
Cost of Goods
$0
Long Term Debt
$1,693,686
Net Income
$-940,207

Key Deal Facts

A digital platform connecting independent dealers, lenders, and investors
Underserved market of 55,000 independent dealerships nationwide
1400 dealerships on Automatic
$25 – $30M in recurring monthly deal flow
Financed total amount of 2021 loans within the first two quarters of 2022
Incubated by 10X Capital

Security Description

An equity crowdfunding specific version of a SAFE used by crowdfunding portal Republic. Upon conversion (if and when that happens), investors may receive special shares with limited rights that do not show up on a company’s cap table. The issuer may roll over and not convert shares at the next financing round causing investors to lose out on some upside.

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