The California-based digital car buying company AutoGravity announced today that it’s now available in 46 states across the country. There are at least four lending partners available in each state where the platform is offered, the company told Auto Finance News.
“You can expect multiple captive lenders and we’ll be making announcements about them over the coming months,” Serge Vartanov, chief marketing officer at AutoGravity, told AFN. “Multiple OEMs have indicated interest in investing in AutoGravity as well.”
The new partners can’t be named due to dealer and lender non-disclosure agreements, but two lenders already disclosed are Mercedes-Benz Financial Services and First Investors Financial Services, which have both been operating in California.
When testing out the app in the New York City area, AFN found that AutoGravity features six manufacturers at the top of the page during the new car selection process: Audi, Ford, Hyundai, Mercedes-Benz, Toyota, and Volkswagen. Still, nearly all other manufacturers seem to be listed further down in the app, including luxury brands from Aston Martin to Tesla.
“Our industry-leading technology has been embraced by top banks and captive auto lenders, as well as leading dealer groups who see customers shopping on their smartphones every day,” Andy Hinrichs, AutoGravity’s founder and CEO, said in a press release. “We’ve re-designed the car finance experience, taking it from hours to minutes for car buyers across the country.”
AutoGravity also boasts over 500 dealer partners and the national rollout includes “many of the top 25 dealer groups,” Vertanov said. Fletcher Jones Auto Group was announced as one of the dealers back in November and can now utilize AutoGravity’s technology outside of the Golden State.
Leasing is available nationwide, Vertanov said, but in AFN’s tests ,only MBFS had leasing enabled upon launch. Other vehicles feature a note that leasing is “coming soon.”
New Jersey, Pennsylvania, North Dakota, and Nevada are the four states that have yet to receive servicing on the platform, but Vartanov said AutoGravity intends to launch in those states by the end of the year.
“To truly empower car buyers with access to every possible vehicle, dealer and finance choice, the AutoGravity platform must be an attractive place for lenders and dealers to do business,” Vartanov said in the release. “We’ve spent over a year integrating lenders and dealers into the platform, and we’re now ready for customers across the country to start shopping and financing.”1 - Reader Likes This Post