SAN FRANCISCO--(BUSINESS WIRE)--The Presidio Group (“Presidio”), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, advised AutoComplete, Inc. on a financing round to further its expansion and development of an artificial intelligence-based technology platform for auto insurance.
The SAFE-structured capital raise included AutoComplete’s lead investor Bain Ventures, FM Capital and several new strategic dealership group investors — AutoNation Inc., Butler Automotive Group, Flow Automotive, Ken Garff Automotive Group, Mills Automotive Group, OREMOR Automotive Group and Pohanka Automotive Group. Presidio also was an investor in the round. The amount raised was not disclosed.
“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,” said AutoComplete Co-CEO Ahmed Khaishgi. “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.”
Khaishgi, who previously launched insurtech platform SquareTrade and oversaw its 2017 sale to Allstate, co-founded San Francisco-based AutoComplete in 2021.
AutoComplete gives auto dealers the ability to streamline internal operations and to monetize the vehicle insurance process within their dealerships without disrupting a car sale. The AutoComplete platform shops for the most competitive insurance offers based on a specific customer’s requirements, turning a typically frustrating two-plus hour insurance shopping process into a few quick clicks. Company data has shown that using the platform can help customers save $400 or more annually on vehicle insurance.
“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?” said Presidio Managing Director Keith Style. “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.”
AutoComplete is part of a growing trend in the industry of artificial intelligence tools designed to improve efficiency for dealers and enhance the automotive sales and service experience for consumers.
“The AutoComplete tool smartly uses artificial intelligence to speed up and automate an often-overlooked part of the vehicle purchase,” said Presidio CEO Brodie Cobb. “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.”
About The Presidio Group
The Presidio Group (“Presidio”) was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively done more than 275 transactions totaling more than $18.5 billion. The Presidio Group is based in Denver and Atlanta. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.
About AutoComplete
AutoComplete, Inc. (“AutoComplete”), incorporated in 2021 and based in San Francisco, Calif., developed an artificial intelligence-based platform for auto insurance that can be used in dealerships during the vehicle sales process. The company’s platform streamlines a dealership’s internal insurance operations and offers competitive insurance policies to car buyers. Company data has shown that use of the AutoComplete tool can help car buyers save $400 or more annually on vehicle insurance. For more information on AutoComplete, visit www.autocomplete.io.
