Details
1 | Scalable Saas platform for buyers, sellers, and creditors. |
2 | Eliminates paper and fraud for parties to a credit transaction. |
3 | Two patents pending (1 utility, 1 process) for "User-authorized distribution of trusted source data." |
4 | CoFounders have SKIN IN THE GAME, having Bootstrapped for almost 3 years! |
5 | Users include #1 Independent Auto Lender in the USA, Westlake Financial (with over 14,000 dealers). |
6 | #1 Toyota Dealer South Texas as an early customer! |
7 | Reduces payment delays for buyers/sellers/creditors. |
8 | Testing application across medical, M&A, commercial credit and investor due diligence verticals. |
It takes a long time for car dealers to receive proof of income from customers. More importantly, this proof of income is often fake.
This proof of income comes in the form of paper-based pay stubs and bank statements.
Every year, there's a 4.5 billion problem with income fraud in the automotive sector.
We help car dealers verify and get proof of income from their customers fast. By doing this, dealers can sell more cars.
Faster and more secure way to gather sensitive docs without paper.
Suddenly, Westlake Financial (with over 14,000 dealerships) started referring dealerships from around the country to TurboPass to help them streamline their verifications of income and employment. This success with Westlake has us on the verge of testing the platform with 3 out of the top 5 auto lenders in the USA.We learned a lot from our first dealer users! We learned about how the TurboPass process was helping our dealers SELL MORE CARS. We also learned how we were helping people qualify for better financing terms.
TurboPass has subscriber levels based on report "pulls". Dealers can subscribe for a trial period then choose a plan based on a "per use" basis. For example: "lane 3 Pricing = $297/mo and includes 35 reports. TurboPass' data costs are reduced as more subscribers come onto the platform but our Gross margins are significant and improve over time as we execute the sales and subscriber growth plan.
1. Seller places an order and invites buyer from TurboPass web portal/dashboard .
2. The customer gets a text/email with a link. Customer Chooses their Financial institution (and up to 5 accounts to share), customer authenticates, the system verifies account(s).
3. Seller receives PDF of applicant's TurboPass report in their dashboard for viewing.
4. Seller shares the report (TurboPass) Code with Creditors who accept TurboPass
5. Creditor clears "Stips" and issues Final approval/funding transaction to Seller.
In Mid-2019 TurboPass was chosen as a Finalist in the Auto Finance News "DemoVation" contest, and our CEO, Michael Jarman, participated in the DEMO Pitch Competition in San Diego, California.
The audience was made up of the largest auto lenders in the world like Ford Credit, ALLY, CapitalOne Auto Finance, Santander/Chrysler Capital, Wells Fargo Dealer Services, Westlake Financial and others.
Michael was also asked to speak to the NAF (National Auto Finance Association) Conference during their "Fraud Friday" sessions. Michael shared how modern digital validation and unique data-distribution technology can virtually eliminate fraud (and speed up the process for everyone) in the auto finance industry.
TurboPass Corporation has financial statements ending December 31 2019. Our cash in hand is $1,254, as of December 2019. Over the three months prior, revenues averaged $1,656/month, cost of goods sold has averaged $667/month, and operational expenses have averaged $23,461/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Overview
TurboPass digitally transforms the validation of income, employment, and identity, for buyers, sellers, and creditors.
We hope (but cannot guarantee) to be a $100mm Revenue company with strong returns for investors as we deliver more equitable credit opportunities for Americans.
Milestones
TurboPass Corporation was incorporated in the State of Delaware in June 2018.
Since then, we have:
Historical Results of Operations
Our company was organized in June 2018 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company.
The Company is engaged in RegD fundraising to meet capital needs. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
TurboPass Corporation's cash in hand is $1,254 as of December 31, 2019. Over the last three months of 2019, revenues have averaged $1,656/month, cost of goods sold has averaged $667/month, and operational expenses have averaged $23,461/month, for an average burn rate of $22,471 per month.
With the implementation of the Westlake JV and other sales and revenue activities, Our intent remains to be profitable in 9-14 months.
1 | Material changes in State and Federal Regulations like the Fair Credit Reporting Act, TILA, and State Retail Installment Acts could materially affect our ability to grow the business. |
2 | There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business. |
3 | Our future success depends on the efforts of our management team to attract sufficient long-term capital to grow and sustain business operations. |
4 | Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business. |
5 | We can provide no assurance that our current or potential competitors will not provide products or services comparable or superior to those provided by us or adapt more quickly than we do to evolving industry or market trends. Increased competition may result in price reductions, reduced gross margins and loss of market share, any of which would materially and adversely affect our business, prospects, financial condition or results of operations. We cannot assure investors that we will be able to compete effectively against current and future competitors. |
6 | We operate in competitive markets and our future success will be largely dependent on our ability to provide quality products and services at competitive prices. Our market is intensely competitive and sensitive to national and regional economic conditions. Demand for the products that we distribute may be adversely affected by consumer spending, which may be adversely impacted by economic conditions such as consumer confidence in future economic and business conditions, interest and tax rates, employment levels, salary and wage levels and weather patterns affecting food production. Our competitors may be better capitalized than we are and thus better able to respond to that volitility. |
Director | Occupation | Joined |
---|---|---|
Kenneth Jarman | CoFounder/COO @ TurboPass Corporation | 2018 |
Michael Jarman | CoFounder/CEO @ TurboPass Corporation | 2018 |
Jude Samson | CTO Board Member @ Samson Advisory | 2018 |
Officer | Title | Joined |
---|---|---|
Kenneth Jarman | CFO Treasurer Secretary | 2018 |
Michael Jarman | President | 2018 |
Holder | Securities Held | Voting Power |
---|---|---|
Kenneth Jarman | 4,000,000 Common Stock | 50.0% |
Michael Jarman | 4,000,000 Common Stock | 50.0% |
Date | Amount | Security |
---|---|---|
02/2020 | $79,609 | Convertible Note |
09/2019 | $137,500 | SAFE |
$50,000 | 40%: Customer acquisition mostly through paid ads targeting automotive, boat, and motorsport dealerships, banks, and finance companies.
40%: Product development through increasing tech stack and outsourced engineering.
12.5%: Legal and administrative costs.
7.5% Wefunder intermediary fee.
|
$1,070,000 |
35%: 2-3 sales and marketing hires.
25%: Customer acquisition through paid ads and attending 12-15 trade shows.
25%: Product development through full-time engineering hires in addition to increasing our tech stack.
7.5%: Legal and administrative fees.
7.5% Wefunder intermediary fees.
|
Class of Security | Securities (or Amount) Authorized |
Securities (or Amount) Outstanding |
Voting Rights |
---|---|---|---|
Common | 10,000,000 | 8,000,000 | Yes |
The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.
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