AutoGravity’s New App to focus on ‘Digital Environment,’ Exec Says
Last week AutoGravity debuted its new iOS app, now available nationwide, featuring — among other things — the ability to scan the barcode on the back of a driver’s license, Chief of Marketing Serge Vartanov told AFN.
The barcode feature is important, Vartanov said, because it circumvents a lengthy application process by gathering “a good deal of credit application information.”
“We’re bringing a creative platform to auto financing where customers can take control of the process, end-to-end, all the way through driving off the lot,” Vartanov said. “There are a lot of fintechs out there trying to originate loans — AutoGravity doesn’t do that,” Instead, the company focuses on building a platform native to the digital environment, to meet the consumer in their own digital, app-laden field of day-to-day smartphone perusal, he said.
After selecting any new vehicle sold in the US by make, model, year and MSRP by trim the app’s calculator determines the monthly payments based on desired term, and trade-in value, according to Vartanov. The data is also saved for comparison to alternative vehicles within the app, he continued. “From there, the information is sent to lenders. If a lender has auto-decisioning in place, it will happen within ten seconds,” after which, if location is shared, nearby dealers are displayed, Vartanov explained.
“We give customers the technology they are used to using for other services like Uber on the same digital platform,” he said. “17 million new cars were sold last year, more than ever before. 85% of them were financed, and now it’s north of that.” The company will also launch an Android app next.
Although optional, customers may also login to their social media (e.g. Linkedin) through AutoGravity’s app.
