AutoGravity - Car Finance on your Smartphone

[Jeff Kershner]

Who's seen or used AutoGravity? It's yet another consumer vehicle purchasing application that places the financing up front.



QUICK & EASY - TRANSPARENT - EMPOWERING

How It Works - AutoGravity works with the world’s leading lenders and our trusted network of car dealerships to give you direct control over how you finance your next car.

AutoGravity is a FinTech pioneer. We are on a mission to transform the process of financing a car with our unique digital experience. We partner with the world’s leading banks to give you direct control over how you can finance your next car through your smartphone. Offering a simple mobile platform, we can empower you with multiple loan offers and our network of trusted car dealerships. Based in Irvine, CA, AutoGravity is led by a team of digital natives and industry veterans.

Whatcha think??

 

[BHavican]

Initial thoughts: Most people with above average credit safeguard their personal information and do not fill out credit applications with their SSN and other personal data (that's why they have good credit) before they've agreed to terms or at the very least have already chosen what they want to buy and/or who they want to buy from. Not only that but those same customers tend to already expect the best rates and wouldn't have a desire to fill out an app to figure it out.

So if our store were to partner with them, I would expect to receive the same sub-prime leads that I would from any other sub-prime lead provider. As such, what really separates them from all the other sub-prime lead providers? That they have an app? Isn't that a pretty big hurdle? So if Betty and Bob search "car financing rates" and in the first 4 results see 3 websites to click to and 1 app to download, would the customer actually download the app or just click through to a site?

 

[john.quinn]

We are on a mission to transform the process of financing a car with our unique digital experience.

Do we really need to transform the process of financing a car?

 

[Jeff Kershner]

Do we really need to transform the process of financing a car?

The government and average consumer sure believes so.

 

[john.quinn]

The government and average consumer sure believes so.

They do? I think the average consumer detests the F&I process -- agreed there. But the actual lending/finance process for cars? It's not going to get much easier.

Buy a house in the last couple of years? Compare that lending/approval process to the dealership's piece of cake.

That said -- I recently financed a tractor through John Deere Financial (agricultural equipment -- talk about a parallel universe!!). It was a true, simple cradle-to-grave experience, even through what we'd consider F&I -- but it's obvious that industry doesn't suffer through the oversight with which auto dealers must contend.

 

[john.quinn]

I recently financed a tractor through John Deere Financial

And I did it ALL in jorts...