AutoComplete, a firm which helps car dealerships offer insurance to their customers, has closed a financing round.
The SAFE-structured capital raise. This round saw participation from Bain Ventures, FM Capital, Presidio, and several strategic dealership group investors, including AutoNation Inc., Butler Automotive Group, Flow Automotive, Ken Garff Automotive Group, Mills Automotive Group, OREMOR Automotive Group, and Pohanka Automotive Group, according to the Coverager.
Founded in 2021, AutoComplete is led by Ahmed Khaishgi, who previously co-founded and sold product protection company SquareTrade to Allstate in a $1.4bn deal.
AutoComplete provides a turn-key auto insurance platform that integrates with car dealerships, enabling them to offer insurance solutions seamlessly to their customers.
By incorporating artificial intelligence, the platform automates and speeds up the insurance process, addressing a critical pain point that often arises late in the vehicle-buying process.
With the new funding, AutoComplete aims to expand its platform and increase its reach within the automotive retail ecosystem.
The investment will help the company enhance its technology and tools, ensuring that more dealerships can leverage its solutions to build new profit streams with minimal effort.
“The market potential for AutoComplete’s turn-key auto insurance platform is tremendous, and the backing from major dealership groups further validates our ability to grow and become an entrenched part of the automotive retailing ecosystem. We thank the team at Presidio for their expertise and connections as we continue to expand our platform and get the AutoComplete tools into the hands of more dealers,” remarked AutoComplete Co-CEO Ahmed Khaishgi.
“AutoComplete helps dealers solve a pain point that often emerges late in the vehicle-buying process: Does the consumer have insurance lined up to cover his or her new purchase? This technology can help dealerships build out a brand-new profit stream – the “I” in F&I – with minimal effort. The dealers who signed on as investors in this financing round clearly saw the value of AutoComplete’s solution,” added, Presidio Managing Director Keith Style.
“The AutoComplete tool smartly uses artificial intelligence to speed up and automate an often-overlooked part of the vehicle purchase. We at Presidio are seeing fast-growing interest across the retail automotive space in the potential of AI to transform the customer experience for the better, and we were pleased to help further AutoComplete’s growth in the marketplace,” stated, Presidio CEO Brodie Cobb.
AutoComplete’s latest funding round follows its previous investment milestones, reflecting the growing confidence in its innovative approach to integrating insurance solutions within the car dealership market.
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