Fintech just keeps marching further along into tradition financial sectors. Today, VW Credit (as in Volkswagen & Audi, y’all) announced it has committed to an equity investment in Irvine-based AutoGravity, a mobile app that could literally go from identifying the perfect car to getting it financed in minutes. No more sitting in the dealership listening to your salesperson say….you know this one don’t you….”I have to take this to my sales manager for approval”. You can do an interactive auto search, look up dealers, review up to four financing offers, apply for financing and select the offers you want BEFORE you head over to the dealer. Doesn’t that sound SO much better than walking into a dealership – uninformed and queued up for a “kill”? Me thinks this new affiliation should do QUITE well.
(Cindy Taylor, Publisher)
“IRVINE, Calif., July 6, 2017 /PRNewswire/ — VW Credit, Inc. (VCI) today announced that it has committed to make an equity investment in AutoGravity, pending customary regulatory approvals. With this strategic investment, VCI is supporting its goal to create a digital experience that enhances the customer financing process. AutoGravity is a FinTech pioneer facilitating car shopping and financing with the power of the smartphone.
In addition to this investment, VW Credit, Inc., has worked with AutoGravity to bring Volkswagen and Audi financing directly to car buyers across the United States. Through this project, VW Credit, Inc., has launched the Volkswagen Credit smartphone app, powered by proprietary AutoGravity technology and available for iOS and Android. Finance options from Volkswagen Credit are now available on the AutoGravity platform, extending the range of options available to more than 400,000 consumers who have downloaded AutoGravity. Volkswagen dealers now can benefit from a new source of potential car buyers.
“Customers are becoming more demanding of mobile technology and the world of auto financing is no exception,” said Horst Meima, President and CEO at VW Credit, Inc. “We are ready to become a leader in shaping this part of the industry and believe that AutoGravity can help get us there.”
“Mobile technology is a game changer for consumers, dealers and lenders. We have pioneered a digital experience that saves time and improves satisfaction for all parties through a device we are intimately familiar with – the smartphone,” said Andy Hinrichs, CEO at AutoGravity. “AutoGravity has experienced substantial growth since our first app hit the marketplace in the summer of 2016. This investment will help us accelerate in the face of rapidly growing consumer and industry demand.”
AutoGravity simplifies the car shopping and financing experience, giving consumers access to loan and lease offers on their smartphones and empowering them with the peace of mind that comes with securing a fair deal. Through investment and partnership, VW Credit, Inc. positions itself to realize the full potential of AutoGravity technology.
Based in Irvine, California, AutoGravity offers car buyers across the U.S. the ability to obtain up to four personalized financing offers on the vehicle of their choice. Designed with state-of-the-art security, AutoGravity protects consumers’ information with advanced bank-level encryption and proprietary data security technologies, ensuring sensitive information is processed securely.”