AutoGravity Announces Partnership with U.S. Bank

U.S Bank has just unveiled a new tool that will make it easier for auto shoppers to find the car they want and secure pre-approval – all before arriving at the dealership.

That solution comes courtesy of a new partnership with auto finance innovator AutoGravity. The Irvine, California-based fintech has helped the fifth largest bank in the U.S. build a platform at USBank.com that gives consumers looking for auto financing a straightforward process and a loan decision within minutes.

Speaking for U.S. Bank, EVP for Consumer Dealer Services John Hyatt highlighted the way AutoGravity improved the task of finding and buying a new car for both sides of the auto financing process. “We want our customers – both car buyers and dealerships – to have the best, most seamless experience possible,” Hyatt said. “This technology helps us get the buyer in the driver’s seat sooner and brings pre-approved customers to the dealership.”

The solution enables auto shoppers to choose between working with a dealership approved by U.S. Bank or with a U.S. Bank branch. Via the online tool, consumers can choose their car and dealership, apply for pre-approval, and close the loan at the dealership (or at the bank branch, depending on the option chosen) and drive home in a brand new car.

The tool is currently online only, but U.S. Bank anticipates adding the tool to the bank’s mobile app, as well as opening up the application process to used car buyers and co-applicants “in the coming months.”

“Together, AutoGravity and U.S. Bank have taken the first step on a journey to revolutionize the digital car-buying experience,” AutoGravity founder and CEO Andy Hinrichs said. “(We are) empowering U.S. Bank’s customers to finance their next car in minutes, anytime and anywhere they want.”

AutoGravity’s announcement comes less than one month after the company reported surpassing the $2 billion in financing requested milestone. Founded in 2015, and having earned a Best of Show award in its Finovate debut at FinovateFall 2016, AutoGravity is coming off a very strong 2017 that featured new partnerships with Global Lending Services and Hyundai Capital America. The company has raised $80 million in funding.

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AutoGravity Tops $2 Billion in Financing Requested Milestone

Mobile auto shopping and financing startup AutoGravity announced a new milestone this week: the Irvine, California-based company surpassed $2 billion in financing requested via its platform.

“With more than $2 billion in finance amount requested in 2017, AutoGravity is at the forefront of digitizing the car-buying and financing experience,” Andy Hinrichs, AutoGravity CEO, said (pictured). “AutoGravity technology makes it possible for car buyers to access any showroom right from their smartphone, take control with personalized payments on any car in minutes – close the deal – and drive off the lot with confidence.”

AutoGravity’s milestone comes less than six months after the company announced topping more than $1 billion in financing requested via its platform. To date, more than 1.3 million Americans have used the AutoGravity platform to shop, buy, and finance a vehicle.

Available as an iOS app, an Android app, or online, AutoGravity enables car buyers and leasees to browse through thousands of cars for sale at participating dealerships. Users then receive as many as four targeted offers based on their preferences. Personalized financing offers from the same lenders used by the dealer ensure that auto buyers get a monthly payment that works for them. Once the financing is done – a process that often takes only minutes – the buyer can have the car delivered to them, or pick the vehicle up from the dealership.

Founded in 2015, AutoGravity demonstrated its platform at FinovateFall 2016, earning a Best of Show award. Recently profiled in both Auto Finance Excellence and Forbes, AutoGravity hired a new Chief Technology Officer, Sheng Wang, back in December, and won a spot on the KPMG H2 Ventures Fintech 100 for 2017 in November – the same month the company topped one million users of its app.

AutoGravity forged a number of major partnerships in 2017, including agreements with Global Lending Services and Hyundai Capital America. The company has raised $80 million in funding and includes VW Credit, Daimler Financial Services, and DA Investments Co. among its investors.

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AutoGravity Introduces Sheng Wang as New Chief Technology Officer

AutoGravity has appointed Sheng Wang as Chief Technology Officer. The move is a promotion for Wang, who was AutoGravity’s first Director of Product and helped launch the AutoGravity platform in addition to branded platforms for Volkswagen Credit and Kia Motors Finance.

“It has been rewarding to see how AutoGravity has already changed the car financing process and I can’t wait to continue the journey to provide the best digital car buying experience to all consumers,” Wang (pictured) said in a statement. As CTO, she will be tasked with applying her more than 15 years of experience leading product development teams at eBay, Microsoft, the Walt Disney Company, and most recently, AutoGravity, to help further develop the company’s auto shopping platform.

Calling her “a true master of her trade” and a “trusted leader with the utmost command of product and engineering,” AutoGravity CEO and founder Andy Hinrichs credited Wang for the company’s “speed and success in setting the pace of digital retailing in the automotive industry.” In addition to her experience in the technology industry, Wang has a Bachelor of Science from Taiwan University and a Master of Science in Computer Engineering from Santa Clara University.

AutoGravity leverages the power and convenience of mobile devices to make shopping for and financing new and used cars easier than ever. The company partners with banks and financial service companies – as well as car dealerships – to give prospective car buyers and leasers a seamless consumer journey from initial vehicle selection and application for credit through financing and delivery.

Founded in 2015 and headquartered in Irvine, California, AutoGravity demonstrated its platform at FinovateFall 2016, winning Best of Show. Named to the Fintech 100 for 2017’s Emerging Stars, the company surpassed the one million user milestone last month, and in October announced a partnership with Global Lending Services to make financing offers via the AutoGravity platform. Other agreements forged in 2017 include the partnership with Hyundai Capital America launched in September and an agreement with Westlake Financial Services in March.

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