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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.