Investment in Car Financing App AutoGravity
Daimler Financial Services is maintaining its growth strategy with digital financing and mobility services by announcing its investment in AutoGravity, a startup founded in late 2015 in Irvine, California. In conjunction with Daimler Financial Services, AutoGravity has launched a national rollout across 46 states in the U.S. The customer-focused comparison app for buying and financing vehicles provides users with up to four tailored, binding offers within a few minutes. AutoGravity features multiple vehicle brands and models, and enables various financial services providers and automotive manufacturers the opportunity to offer vehicle financing and leasing via smartphone.
With the acquisition of electronic payment provider PayCash last month and the investment in AutoGravity in the U.S. Daimler Financial Services adds digital services to its financing portfolio. “We offer our customers ‘Mobility at your fingertips’,” says Klaus Entenmann, Chairman of the Board of Management of Daimler Financial Services, “and we are becoming an integrated mobility services provider.” Furthermore, the investment is a strategic step to prepare classic financing and leasing services for a digital sales infrastructure.
Over 150,000 Downloads Since Launch
AutoGravity initially piloted its digital financing platform in the US state California in mid-2016 in conjunction with Mercedes-Benz Financial Services USA LLC. Since that time, additional finance providers have been integrated into the platform. "In AutoGravity we see a new star rising in the digital world. Customers are able to find the best financing deal for their vehicle in real time. The comparison app acts as a digital interface between the customer, dealerships and various financial service providers," explains Entenmann. Customers are able to browse and select vehicles from different manufacturers with their smartphone and then choose one of up to four binding finance offers. AutoGravity meets customer requirements in the swiftly growing online automotive market for fair, transparent and customized offers, which can be obtained quickly and easily via smartphone. The platform is available in the Unites States through iOS, Android and web applications. AutoGravity’s apps have surpassed 150,000 downloads since the launch of its pilot. In the U.S., the AutoGravity financing app is already working with other banks, manufacturers, and dealerships. Consideration is also being given to rolling out AutoGravity in other markets.