There is an emerging mobile app that is transforming the auto financing industry that simplifies car buying. By digitizing the formerly archaic F&I processes, which have notoriously taken auto dealers hours to finalize, and creating an easy to use solution that takes just 10 minutes.
The app is AutoGravity and through connecting prospective car buyers with multiple hyper-personalized financing offers from major lenders—like Audi Financial Services, US Bank, and Hyundai Capital—the app offers consumer exactly what they demand: variety, ease-of-use, and transparency for their car buying experience.
Surpassing 1 million downloads and $2 billion in financing requested since its pilot in summer of 2016, AutoGravity has proven their value to consumers.
AutoGravity has also been tapped by leading auto-makers like VW and Hyundai to white label an app to aid these companies with their internal F&I processes, solidifying their worth among the industry elite.
Car buying can now be something to look forward to with Autogravity.
LA Tech News: How is AutoGravity different than a consumer getting financing before walking into the lot?
Serge Vartanov: AutoGravity allows you to browse hundreds of thousands of cars, select the specific new or used car that’s right for you, and get up to four loan or lease offers – all in under 10 minutes. AutoGravity works with the same financial service providers that the dealership works with – lenders such as Mercedes- Benz Financial Services, Volkswagen Credit, Hyundai Capital America and Nissan Motor Acceptance Corporation. This network ensures that our users have access to the same offers the dealership sees. This empowers AutoGravity users to save hours at the dealership and drive off the lot with the confidence of a fair deal.
LA Tech News: Is AutoGravity partnered with dealerships or a connection to dealerships for consumers?
Serge Vartanov: AutoGravity users can purchase and finance a vehicle at any franchise car dealership in America using financing secured on the platform. Additionally, AutoGravity has partnered with the top five dealer groups in the U.S., building a network of more than 2,200 dealers. For dealers, AutoGravity is a welcome relief, because time spent educating customers about various models and available financing options can be spent selling vehicles.
LA Tech News: Why is AutoGravity better than going onto CarMax or AutoTrader?
Serge Vartanov: AutoGravity allows you to select from hundreds of thousands of vehicles and let’s you to see up to four personalized finance offers from the comfort of your home, before you go to the dealership lot. With AutoGravity, you can see your options and know your monthly payment, giving you confidence over how the car fits into your monthly budget – something you can do from your smartphone in 10 minutes or less.
AutoGravity’s proprietary technology has simplified the auto-financing experience, delivering personalized finance offers to prospective purchasers within minutes. It brings a whole new level of transparency, convenience and choice to the car-buying and financing process.
LA Tech News: Who is your primary customer? Dealer, finance company or car buyer and why?
Serge Vartanov: AutoGravity is the digital glue between the lender, the dealer and the consumer. AutoGravity appeals to digitally-savvy consumers who want to save time on their car shopping and financing experience. As the rising adoption of smartphones has changed the way people shop, consumers (especially millennials, who make up more than 50 percent of AutoGravity’s users) center much of their lives around their phone and other digital platforms.
LA Tech News: How and why did AutoGravity start?
Serge Vartanov: From the very beginning, the AutoGravity team recognized the tremendous opportunity for improving the way people buy and finance their cars. The company vision grew out of using technology to simplify the journey and best serve car buyers, lenders and dealerships. Not unlike the groundbreaking evolution that took place more than a decade ago with in-home entertainment and online shopping, it was clear that the next generation of car buyers were hungry for such a change in the way and speed in which car buying and financing was done.
While we aspired to help consumers save hours on their financing journey and drive off the lot with the confidence of a fair deal — using technology to simplify the journey — we strategically built our app to create value for each of our key stakeholders, including car buyers, lenders and dealerships.