Hyundai Capital America Forms Partnership With AutoGravity

Hyundai Capital America — which also operates Hyundai Motor Finance, Kia Motors Finance, and Genesis Finance — joined AutoGravity’s car shopping and financing platform, the companies announced yesterday.

Beginning in the state of California, financing through Hyundai Capital America is now accessible to AutoGravity users searching for financing for a Hyundai, Kia, or Genesis, according to the press release. Hyundai Capital America will “assess” expansion in the future, Jessica Lewis, manager of brand communication for HCA, told Auto Finance News.

And this isn’t Hyundai’s first foray in digital financing either, having launched its own direct-to-consumer fully-digital car buying, financing, and home delivery portal in the U.K. in 2016.

AutoGravity is a mobile application that connects car shoppers, lenders, and dealers through a digital marketplace. The digital buy-sell platform has been on a roll this year, having secured investments from VW Credit Inc. and Daimler, in addition to partnerships with a suite of lenders like Westlake Financial Services and First Investors Financial Services.

“Captives are an integral part of leasing,” Lukas Wickart, AutoGravity’s chief financial officer, told AFN in July prior to the official announcement of the VW partnership. “There are a lot of brands that can’t offer leasing, but our goal is to offer loan and lease on every brand, make, and model.”

AutoGravity is also working to incorporate full-service leasing options — maintenance and insurance — onto its platform, Lukas Wickart, chief financial officer told Auto Finance News in July.

“On AutoGravity, in the future, you will be able to not just finance a vehicle but add insurance and additional products with your car, so [the platform] becomes more of a one-stop shop,” Wickart said.

More than 700,000 consumers have downloaded the AutoGravity app as of mid-September, up from about a half-million downloads in June 2016. The AutoGravity platform is available across the United States.

For more content like this, check out the 17th annual Auto Finance Summit, which will take place on Oct. 25-27 at the Wynn Las Vegas. To learn more about this year’s event — or to register — visit the Summit’s homepage here.