Financial Technology Company Aims at Simplifying Financing Process
MCLEAN, Va. — AutoGravity, a new financial technology company, is aiming to simplify the financing process by allowing customers to apply for financing straight from their phone.
According to the company, its platform is available as a smartphone application and mobile-responsive website that breaks the financing process into four steps. The first step is choosing a car. From there, the customer chooses a dealer, then applies for financing and lastly selects one of the multiple lenders that will deliver a personalized financing offer. The process, according to the company, should only take minutes.
"AutoGravity harnesses the full potential of cutting-edge smartphone technology," said Andy Hinrichs, founder and CEO of AutoGravity. "Our app allows customers to take advantage of in-phone GPS, camera-based optical character recognition, fingerprint log-in and other mobile technology to be empowered by a digital car finance experience."
The company further stated that its platform is not only beneficial to customers, but also to lenders and car dealers. Lenders on the platform, the company stated, gain increased access to customers —particularly Millennials. Car dealers gain increased showroom traffic, qualified leads and boosts to overall customer satisfaction, according to the company.
More Industry

Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →