Best 30 Companies of the year 2018
The automotive industry has undergone an extensive evolution since its beginnings in the late 19th Century. Vehicle technology alone has changed unimaginably and immensely. Decades ago, super-fast cars and autonomous vehicles were science fiction, but today, its reality. The industry is also being empowered by transforming the car buying journey, FinTech companies through technology and finance.
Combining the power of automotive and FinTech is AutoGravity, a digital platform founded by an international team of auto-industry veterans and digital natives to revolutionize the car-buying experience. Before heading to the dealership, car buyersare empowered by AutoGravity with up to four vehicle finance offers.
From the beginning, 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., we recognized a tremendous opportunity for improving the process of buying and financing a car,” says the Founder and CEO of AutoGravity, Andy Hinrichs.
While some industry experts suggested that dealers may not embrace the concept of what AutoGravity was building, the reality was a stark contrast! Dealers are actively engaged and seeking new ways to reach customers, and they have openly welcomed AutoGravity. “Dealers see the opportunity for technology to fundamentally transform the way that cars are financed,” says Hinrichs. In response to being overwhelmingly embraced by dealers, AutoGravity created a dealer widget for use on dealer websites.
Your dream car financed easily with AutoGravity
AutoGravity works in a very simple way. A consumer just needs to download the app for iOS or Android platform or access it on a desktop. From the app, they can find the specific car they want, new or used, down to the style and color. From the comfort of their phone, anyone can quickly and efficiently look for cars in four simple steps:
More than 1.5 million people have downloaded the AutoGravity app for iOS and Android since launch, and the user-base continues to grow. In response to this growth, AutoGravity recently launched real-time vehicle inventory to empower users to shop for specific cars that are sitting on the dealership lot.
Apart from the flagship AutoGravity branded platform, the company’s technology also powers several white-label platforms. For instance, AutoGravity partnered with 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 smartphone which gives brand-loyal customers the same seamless mobile app experience.
The High Road
AutoGravity believes that a shared vision of the company’s motto, “One Team, One Dream” has been a contributing factor for its success. AutoGravity’s culture, employees, proprietary technology, and state-of-the-art office have driven the company’s growth over the past two years. What’s more, customer feedback has helped to develop and improve the product through the addition of such features as the trade-in calculator as well as launching nationwide inventory. “The AutoGravity user experience serves a rising population of digitally-savvy car shoppers looking for alternatives to the existing car-financing experience,” explains Hinrichs. With AutoGravity, car buyers can select any new or used car and get up to four binding finance offers in minutes – right on their phone, anytime and anywhere they want. “AutoGravity has attracted more than 1.5 million car shoppers seeking convenience, transparency, and choice through the AutoGravity iOS and Android apps,” notes Hinrichs.
Driving the Global Platform
Hinrichs also believes that technological evolution is a key driver for economic growth development. AutoGravity will continue to grow more additional partnerships and is looking to expand into other countries.
“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,” said Hinrichs, describing the company’s future. AutoGravity sees a world in which financing a vehicle is a seamless transaction, because people complete their financing digitally before purchasing the vehicle. As a scalable digital platform, AutoGravity aims to be the industry standard for car buying and financing.
The Driving Factor of AutoGravity
Andy Hinrichs is AutoGravity’s Chief Executive Officer and member of its Board of Directors. An accomplished entrepreneur and seasoned executive, he is the visionary behind the Fin tech pioneer, building a diverse team of innovators to revolutionize the car-shopping experience for millions of customers. Throughout his 20-year financial-services career in the U.S., Europe and Asia, Hinrichs has started businesses and led digital initiatives on a global scale. Prior to founding AutoGravity, he had profit and loss responsibilities for various Daimler Financial Services markets in Asia, where he tripled the volume of assets under his management. Previously, Hinrichs served as Vice President of Marketing for Mercedes Benz Financial Services USA. Hinrichs holds a bachelor’s degree from Pforzheim University in Germany and an MBA from the University of Louisville.
“As a scalable digital platform, AutoGravity aims to be the industry standard for car buying and financing.”
“AutoGravity’s platform offers consumers a digital car purchasing experience and at the same time integrates with existing IT systems in the industry.”