Automatic

The Fintech platform that connects independent auto dealers and lenders

https://wefunder.com/automatic

Total raised on Wefunder: 1377416

Total investors: 959

Quick facts

  • FinTech platform with 965+ dealership partnerships, growing at 40% MoM despite COVID19.
  • Developed with licensed lender (Signal Auto Group): 13 yrs of experience, 1.7k dealers in 13 states.
  • Answering a clear need in a $1.3 trillion industry that stopped evolving in 2004.
  • Automatic translates to an 87.5% approval time reduction & 75% data entry time reduction.
  • Team has over 80 years of combined experience in FinTech, lending, and the auto industry.
  • Auto loans make up nearly 10% of all household debt, behind only mortgages and student loans.

Team profiles

Featured investor profiles

Automatic

The Fintech platform that connects independent auto dealers and lenders

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Pitch Video
Investor Panel

Investor Panel

Jason interviewed Automatic on March 18, 2021. Play Video
Jason Levine
Jason Levine
Working to move our economy and ways of living in a clear, ethical, sustainable direction.
Strengths
says, "An experienced team tackling a market they know well with traction in dealer partnerships, and an industry in transition from analog/in-person sales to a much more robust digital buying and financing experience."
Advice
says, "Explaining the experience of the people involved (used car buyers, salespeople, finance mgrs, etc.) and how the solutions you're bringing to market are serving them better can put the more complex financial story in a human context."

What Investors Say

Co-Head of Venture Capital
LEAD INVESTOR
Invested $25,000 this round
We're investing in Automatic because its a highly compelling opportunity that checks the box on market, team, product and traction.Market is $1.3 Trillion (with a T) that hasn't evolved since 2004. There is over $7 Billion/year in fraud, 30% in revenue lost due to inefficiencies and 2 hours of paperwork is required today in order to process an auto loan!  Auto loans make up 10% of all household debt. Team is led by CEO, Eric Burney, who has 18 years of experience in the auto industry and who is a close friend and partner of our fund that we've known for many years.  John Liu, CSO has 19 years of strategy and Fintech experience.  The Loan Automatic Product results in a 87.5% reduction in approval time and 75% reduction in data entry time. Traction - the company currently has 400 dealerships using the system and they are quickly expanding dealerships on a week by week basis.
What People Say