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.