VW Credit, the US finance arm of Volkswagen, has made an equity investment in AutoGravity – a fintech company which enables car shopping and financing from a phone.
Alongside the investment, VW Credit has worked with the company to bring Volkswagen and Audi financing directly to car buyers in the US in the form of the Volkswagen Credit smartphone app.
The app is powered by proprietary AutoGravity technology, and is available through iOS and Android. Credit has also been made available via the AutoGravity platform. AutoGravity gives consumers access to loan and lease offers on their smartphones. Through investment and partnership, VW Credit said it had positioned itself to realize the full potential of AutoGravity technology.
Based in Irvine, California, AutoGravity offers car buyers across the U.S. the ability to obtain up to four personalized financing offers on the vehicle of their choice. Designed with state-of-the-art security, AutoGravity protects consumers’ information with advanced bank-level encryption and proprietary data security technologies, ensuring sensitive information is processed securely.
“Customers are becoming more demanding of mobile technology and the world of auto financing is no exception,” said Horst Meima, president and chief executive officer at VW Credit. “We are ready to become a leader in shaping this part of the industry and believe that AutoGravity can help get us there.”
Andy Hinrichs, chief executive officer at AutoGravity said: “Mobile technology is a game changer for consumers, dealers and lenders. We have pioneered a digital experience that saves time and improves satisfaction for all parties through a device we are intimately familiar with – the smartphone.”