AutoGravity has lined up $1 billion in financing to enable buyers to secure new and used vehicles.
AutoGravity, a car shopping and financing smart phone app, has lined up more than $1 billion in financing for new and used vehicles for its overwhelmingly youthful users as it expands its presence in automotive finance.
Launched two years ago, AutoGravity now has the support from an impressive array of “captive” finance companies, including those belonging to Daimler AG and Volkswagen, which have invested in the service.
Earlier this month, Hyundai Capital America, which does business as “Hyundai Motor Finance,” “Kia Motors Finance,” and “Genesis Finance,” signed on to AutoGravity.
Beginning in the state of California, financing through Hyundai Capital America is now accessible to AutoGravity users searching for financing for a Hyundai, Kia or Genesis.
(VW hoping to draw millennials with new financing app. For the story, Click Here.)
“With the growing number of consumers embracing AutoGravity, as well as the seamless integration of AutoGravity with dealer process, we felt that this was the perfect opportunity to test the platform,” said Ross Williams, president and CEO at Hyundai Capital America.
Daimler AG is invested millions into AutoGravity, an auto financing and leasing app for smartphones.
Serge Vartanov, AutoGravity co-founder and chief marketing officer, said during an interview with thedetroitbureau.com that the two-year old firm has had its app downloaded 750,000 users, who are looking for transportation. The average age of AutoGravity’s users is 31, Vartanov said.
Based in Irvine, California, AutoGravity uses proprietary technology centered on smart phones to connect car shoppers, lenders and dealers in digital marketplace.
AutoGravity collaborates with leading banks and captive lenders to empower its users with convenience, transparency and choice while directing customers to the dealership.
(Click Here to see more about Daimler AG using the app.)
The company delivers information on the specific pricing of different models and allow the consumer to look over the inventory of dealers using the app, said the 30-year-old Vartanov, who noted the app is ideal to reaching an audience of youthful buyers.
“AutoGravity brings the car financing experience into the digital age where today’s consumer wants to find it: in the palm of their hand,” said. Andreas Hinrichs, founder and CEO of AutoGravity.
“With the addition of Hyundai Capital America, we can offer our users even more finance choices, making that drive off the dealership lot even more rewarding.”
By harnessing the power of the smart phone, AutoGravity technology provides a new level of transparency, convenience and speed to the car shopping and financing process, he said.
(Click Here for more about Ford’s tie-up with AutoFi.)
The first-of-its-kind app is available for download from the Apple App Store online store and the Google Play store.