HERNDON, Va. — VW Credit Inc. (VCI) today announced it is making an equity investment in automotive fintech firm AutoGravity, pending customary regulatory approvals. According to company officials, the strategic investment supports the captive’s goal to digitize the customer financing process.
The announcement means finance options from Volkswagen Credit are now available to the more than 400,000 consumers who have downloaded the AutoGravity car-shopping and financing mobile app. Additionally, the captive has launched the Volkswagen Credit smartphone app, powered by proprietary AutoGravity technology and available for iOS and Android.
“Customers are becoming more demanding of mobile technology and the world of auto financing is no exception,” said VW Credit President and CEO Horst Meima. “We are ready to become a leader in shaping this part of the industry and believe that AutoGravity can help get us there.”
Through investment and partnership, according to officials, VW Credit has positioned itself to realize the full potential of AutoGravity's technology. Volkswagen dealers benefit from a new source of potential car buyers.
Based in Irvine, Calif., AutoGravity, which appeared on the cover of F&I and Showroom's January 2017 issue, offers car buyers across the U.S. the ability to obtain up to four personalized financing offers on the vehicle of their choice. Designed with state-of-the-art security, AutoGravity protects consumers’ information with advanced bank-level encryption and proprietary data security technologies, ensuring sensitive information is processed securely.
“Mobile technology is a game changer for consumers, dealers and lenders. We have pioneered a digital experience that saves time and improves satisfaction for all parties through a device we are intimately familiar with — the smartphone.” said Andy Hinrichs, CEO at AutoGravity. “AutoGravity has experienced substantial growth since our first app hit the marketplace in the summer of 2016. This investment will help us accelerate in the face of rapidly growing consumer and industry demand.”