Already having forged bonds with industry participants such as Black Book, First Investors Financial Services, Fletcher Jones Auto Group and Westlake Financial Services, AutoGravity announced a relationship with another significant industry player looking to leverage its advanced mobile technology to help vehicle shoppers secure financing.
VW Credit (VCI) on Thursday 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, a news release indicated VW Credit has worked with AutoGravity to bring Volkswagen and Audi financing directly to car buyers across the United States. Through this project, VW Credit 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 chief executive officer at VW Credit. “We are ready to become a leader in shaping this part of the industry and believe that AutoGravity can help get us there.”
Thursday’s announcement involving VW Credit continues quite a journey for AutoGravity, whose dealer network passed 1,400 stores and users above 250,000 since launching just last year.
“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,” AutoGravity CEO Andy Hinrichs said.
“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,” continued Hinrichs, who added VW Credit has positioned itself to realize the full potential of AutoGravity technology through investment and partnership.