November 09, 2017
“Technological evolution is a key driver for economic growth.”
– Andy Hinrichs, CEO of AutoGravity.
As much as technology has changed how people interact with the world, finance remains an important requirement for economic growth. When you combine Finance and Technology together, it opens new and wider horizons. It can be said that FinTech is a very broad sector with a long history indeed.
Surprisingly, not many people know the term FinTech or are even aware of what it is and how it impacts their daily lives. FinTech describes companies that combine finance and technology with the purpose of enhancing the use of financial services. Without question, FinTech is on the rise and has the potential to make a tremendous impact for the future of the economic world.
Here we have AutoGravity, a FinTech pioneer. It drives with a mission to transform auto finance by harnessing the power of the smart phone. Founded in the year 2015, AutoGravity is led by an international team of digital natives and industry veterans. It partners with the world’s leading banks and financial services companies to give users direct control over how they finance their cars.
Using the AutoGravity app, consumers can find the specific car they want, new or used, down to the style and color. With a car selected, one can search for financing and receive up to four personalized financing offers in minutes, thus saving hours on the car-financing process. There are four simple steps through which users can quickly and efficiently secure a fair financing dealthrough AutoGravity:
It serves the rising population of digitally-savvy car shoppers looking for digital alternatives to the existing car financing experience. It has indeed revolutionized the way people buy and finance their cars.
The Success Story
Since its inception, AutoGravity was built to serve car buyers, lenders, and dealerships using technology to simplify the journey and create value for each of its key stakeholders. With more than a trillion dollars in auto loans outstanding in the U.S., the AutoGravity team recognized a tremendous opportunity for improving the process of buying and financing a car – and acted quickly to meet the challenge.
Today, more than 800,000 people have downloaded the AutoGravity iOS and Android app. The user-base continues to grow at a rate of more than 25 percent month-over-month. The app is one of the top 5 automotive apps in the Google Play Store and the top 50 finance apps in the Apple App Store.
Before the launch of AutoGravity, industry experts suggested that dealers may not embrace the concept. But the results are in stark contrast! Dealers have actively engaged and are seeking new ways to reach customers through digital channels. AutoGravity has come to be exactly the technology that dealers were looking for to grow their business with digitally savvy millennials.
In response to the positive welcome that AutoGravity received, the company created a dealer widget for use on dealer websites. Dealers see the opportunity for technology to fundamentally transform the way that cars are financed and can offer that experience to customers browsing their inventory.
The company hit a new milestone when more than 800,000 users — more than half of whom are millennials – downloaded and used its mobile app. In addition, its network of partner car dealerships has grown to represent nearly 2,000 franchise dealerships.
Drive home a fair deal
Today, technologies have been advancing in pockets like peer to peer lending, peer to peer payments, etc. AutoGravity’s platform offers consumers a digital car purchasing experience and at the same time integrates with existing IT systems in the industry.
The company runs on the motto, “One Team, One Dream”. And so, it recruits the best in the automotive and the FinTech industry. The uniquely talented product managers, designers, and engineers are one of its best assets.
The state of the art office featuring a galaxy ceiling, coffee lounge, library, game room and outdoor entertainment space is another important asset for the company! Of course, the employees and the company culture play a big role in the success story. And not to forget the cutting-edge proprietary technology that AutoGravity uses, highlights the company itself.
Popular all the way!
AutoGravity sees a world in which financing a vehicle becomes a seamless digital transaction because people complete their financing digitally before purchasing the vehicle. It has experienced substantial growth since its first apps hit the marketplace in the summer of 2016. In response to customer feedback, AutoGravity recently launched real-time vehicle inventory to empower users to shop for specific cars sitting on the dealership lot.
Late last year, AutoGravity joined forces with the Fletcher Jones Auto Group to launch FJ Drive, the nation’s first and only mobile app that allows customers to secure financing for any new Mercedes-Benz right on their smart phone.
In addition, AutoGravity partnered with VW Credit and Kia Motors Finance to launch apps for their customers which gives Volkswagen, Kia, Hyundai, and Genesis the same seamless mobile app experience.
It can be said that AutoGravity has eased the entire process! In the days to come, AutoGravity will continue to identify and alleviate pain points and serve a broader spectrum of unmet needs, making the car purchase and ownership experience even more satisfying. As a scalable digital platform, AutoGravity aims to be the industry standard for car buying and financing. The company also plans to announce additional partnerships in the coming months.
The driving force behind AutoGravity
Andy Hinrichs is the Founder and CEO of AutoGravity and the Chairman of its Board of Directors. He holds a bachelor’s degree from Pforzheim University in Germany and an MBA from the University of Louisville and built 20-year financial services career in the U.S., Europe, and Asia. Hinrichs is the visionary behind AutoGravity, building a diverse team of innovators to reinvent car financing for millions of car buyers. Previously, Hinrichs served as Vice President of Marketing for Mercedes Benz Financial Services USA.
"It’s important to talk to your customers, understand their needs, and build a product that addresses their needs."