AutoGravity, which leverages advanced mobile technology to help vehicle shoppers secure financing, confirmed on Monday that its network of partner dealerships has grown to more than 1,400 franchised dealers.
The growth of the dealer network coincides with AutoGravity also highlighted that over 250,0000 users — more than half of whom are millennials — have downloaded AutoGravity iOS and Android apps.
Both milestones arrived roughly a month after Black Book announced an agreement to power vehicle trade appraisal for AutoGravity.
“This newly released data confirms that there's growing demand for a consumer-friendly, mobile-first car shopping experience,” said Serge Vartanov, co-founder and chief marketing officer of AutoGravity. “Dealers and lenders understand the changing needs of consumers and have partnered with AutoGravity to empower shoppers with transparency, convenience and choice.”
Since launching in 2016, AutoGravity has achieved significant growth across the United States, securing partnerships with some of the nation's top auto finance companies, as well as four of the top five national dealer groups, representing all new and used vehicle brands available in the country.
“The momentum we see at AutoGravity underscores how eager dealerships are to embrace new technology and thrive in the digital age,” said Aleks Bogoeski, co-founder and vice president of dealer network at AutoGravity.
“Rapid growth in our dealer network provides even more options to car shoppers turning to AutoGravity,” Bogoeski continued. “By empowering our users, AutoGravity gives partner dealers unparalleled exposure to ready-to-buy customers. We built a solution where everyone wins.”
Additional data-driven findings AutoGravity shared on Monday included the following:
—New cars remain popular with boomers. AutoGravity data shows two-thirds of car shoppers ages 50 and older who pursue financing do so for new vehicles. In contrast, only half of AutoGravity car shoppers ages 18 to 25 who pursue financing do so for new vehicles.
—Japanese brands perform in California. Japanese economy and luxury car brands are more searched relative to domestic brands in California (as compared to the U.S. overall).
—Economy cars continue to be a popular choice. Economy brands rank in the top four most searched for vehicles across the U.S., and luxury brands round out the top seven.
—Millennials more cost sensitive than Gen X. Among vehicle shoppers seeking financing on AutoGravity, millennials look to borrow about 15 percent less (finance amount requested) and seek to contribute roughly 25 percent less via a cash down payment relative to shoppers ages 36 and older.
AutoGravity is available for download on the Apple App Store and the Google Play Store. AutoGravity is also available as a mobile-responsive web app at www.autogravity.com.
The platform allows shoppers in 46 states to obtain up to four finance offers on any make, model and trim of new or used vehicle by following four steps. The app can return personalized retail installment contract and lease offers within minutes.