AutoGravity, a California-based Fintech on a mission to transform car shopping and financing, announced last week it surpassed $2 billion in finance amount requested in 2017. The company, which launched its platform in 2016, reported that it rapidly expanded from 100,000 users in its first six months to more than 1.3 million users, most of whom are convenience-seeking millennials. While sharing details about the latest milestone, Andy Hinrichs, CEO of AutoGravity, stated:
“With more than $2 billion in finance amount requested in 2017, AutoGravity is at the forefront of digitizing the car-buying and financing experience. AutoGravity technology makes it possible for car buyers to access any showroom right from their smartphone, take control with personalized payments on any car in minutes — close the deal — and drive off the lot with confidence.”
AutoGravity then noted that by providing users with the tools they need to find and finance any car in minutes, AutoGravity meets the growing market demand for digital retailing and transparency in lending. Featuring real-time inventory, the company’s app streamlines the car-buying process by showing users exactly which dealerships carry the cars they want. The platform’s users may access personalized financing offers from the same indirect lenders used by the dealer; so, they know their monthly payment. AutoGravity then added:
“AutoGravity has built partnerships with many of the largest banks and financial institutions in the world, including key automotive lenders such as Mercedes-Benz Financial Services, Audi Financial Services, Volkswagen Credit and Hyundai Capital America. Additionally, AutoGravity has partnered with the top five dealer groups in the U.S., building a network of more than 2,000 dealers.”