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AutoGravity Corporation

From EverybodyWiki Bios & Wiki

AutoGravity Corporation
File:AutoGravity logo.png
ISIN🆔
Founded 📆October 2015; 8 years ago (2015-10) in Irvine, California
Founder 👔Andy Hinrichs
Headquarters 🏙️,
Irvine, California
,
United States
Area served 🗺️
Key people
  • Nicholas Stellman (COO)
  • Serge Vartanov (CVO)
  • Lukas Wickart (CFO)
  • Sheng Wang (CTO)
Members
Number of employees
160[1] (2018)
🌐 Websiteautogravity.com
📇 Address
📞 telephone

AutoGravity is an Irvine, California-based financial technology company that is the creator and operator of a vehicle financing and leasing mobile app of the same name. The company was co-founded in 2015 by Andy Hinrichs, and launched its app in 2016. The app offers users finance and leasing offers for new and used vehicles.

Overview[edit]

AutoGravity was co-founded by Andreas "Andy" Hinrichs,[2][3] as an independent company in October 2015.[4] The financial technology company is headquartered in Irvine, California,[5][6] and has 60 employees, as of March 2017.[1] The company's 40,000-square-foot offices are located in Irvine Spectrum's Sand Canyon Business Center.[7] Co-founders Nicholas Stellman and Serge Vartanov serve as AutoGravity's chief operating officer and chief evangelist officer,[3] respectively.[1][8][9] Lukas Wickart is the company's chief financial officer,[1][10] and Sheng Wang serves as the company's chief technology officer.[11][12]

AutoGravity's app provides users finance and leasing offers for new and used vehicles, in a variety of brands and models from thousands of dealerships.[13][14] The app is available on the Android and iOS mobile operating systems,[1] and as a web application.[13][8] It has been downloaded nearly 500,000 times in the United States,[15] as of July 2017.[16] AutoGravity works with dealers and lenders,[1][17] and earns revenue from them when users take out loans.[5] A "white label" version of the app allows dealers to incorporate their own branding.[18] The app has been credited for simplifying the financing process, saving users time, and having a higher sales conversion rate than direct sales.[19] AutoGravity is available in all U.S. states, except Nevada, and has helped facilitate approximately $500 million in financing.[10][20]

History[edit]

AutoGravity was founded in Irvine in October 2015,[21][22] and started with four employees and $50 million in seed money.[1][13] The company received seed funding from the Daimler Group.[5] AutoGravity's app soft launched in mid 2016,[13][23][24] and completed a four-month beta phase in December.[25][26] AutoGravity was one of six companies named "Best of Show" at FinovateFall 2016.[27][28] Mercedes-Benz Financial Services USA, a subsidiary of Daimler Group,[5] became AutoGravity's first vehicle finance company to start offering loans, in October 2016.[29]

AutoGravity collaborated with Fletcher Jones Auto Group and Mercedes-Benz dealers to launch the FJ Drive app in November 2016.[30][31][32] Fletcher Jones dealerships in Hawaii, Illinois, Nevada, Northern California, and Southern California were added to AutoGravity's network.[2] AutoGravity employed 53 people at the time, and provided users with vehicles from 43 manufacturers.[2] In late 2016, AutoGravity was named a "Top Workplace" by the Orange County Register.[33][34] The company had partnerships with 500 franchised dealerships and more than 100,000 app users in California by the end of the year.[21]

AutoGravity confirmed plans to expand nationally, into 46 U.S. states, in January 2017.[35] The app was not available for service in Nevada, New Jersey, North Dakota, or Pennsylvania, but provided at least four lending partners in all other U.S. states.[36] Daimler announced plans to further invest in AutoGravity in February 2017.[14][22][37] By March, AutoGravity's app had been downloaded more than 200,000 times by users in 46 U.S. states.[1][9][38][39] The company had partnerships with over 20 lenders, including First Investors Financial Services and Westlake Financial Services.[39][40][41] AutoGravity and Black Book partnered to improve trade appraisal offerings to users.[39][42] In April, AutoGravity announced a partnership with CarFinance.com to provide users with more financing options.[43] At that time, AutoGravity's network included more than 1,400 dealerships,[44][45] and was accessed by more than 250,000 users.[46][47]

Frost & Sullivan presented its North American Frost & Sullivan Entrepreneurial Company of the Year Award, which recognizes companies that have "demonstrated excellence in devising a strong growth strategy and robustly implementing it", to AutoGravity in May 2017.[19] By then, the company employed more than 60 people and its app had had been downloaded over 350,000 times in 48 U.S. states.[19] In mid 2017, AutoGravity launched its app in New Jersey, becoming the 49th state in which the company operates.[13][48] The company also launched its first national television advertising campaign.[15][49][50] VW Credit announced plans to invest $30 million in AutoGravity in July.[16][32][51]

References[edit]

  1. 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Finlay, Steve (March 15, 2017). "Novel App Links Car Shoppers With Lenders, Dealers". WardsAuto. Ward's. Retrieved August 21, 2017.
  2. 2.0 2.1 2.2 de los Reyes, Michael (November 2, 2016). "Auto Sales App Signs Fletcher Jones". Orange County Business Journal. Irvine, California: CBJ LP. Retrieved August 22, 2017.
  3. 3.0 3.1 Gandarilla, Eric (January 2017). "There's an App for That". F&I and Showroom. Retrieved August 22, 2017.
  4. Boudette, Neal E. (August 16, 2017). "This smartphone app will relieve your car-buying agony". New York Times News Service. Retrieved August 23, 2017 – via Boston.com.
  5. 5.0 5.1 5.2 5.3 Wack, Kevin (October 5, 2016). "New App Lets Car Buyers Arrange Financing Over Their Phones". American Banker. ISSN 0002-7561. Retrieved August 21, 2017.
  6. Lutz, Hannah (March 1, 2017). "For millennials, it's all about the payment". Automotive News. Retrieved August 22, 2017.
  7. Madans, Hannah (December 6, 2016). "QLogic will downsize as it exits Aliso Viejo and moves to Irvine in summer 2017". Orange County Register. Anaheim, California: Digital First Media. ISSN 0886-4934. OCLC 12199155. Retrieved August 22, 2017.
  8. 8.0 8.1 Lutz, Hannah (October 5, 2016). "App matches car buyers with new-car dealers, lenders". Automotive News. Crain Communications. ISSN 0005-1551. Retrieved August 21, 2017.
  9. 9.0 9.1 Huffman, Mark. "New app offers auto financing options from your smartphone". ConsumerAffairs. Retrieved August 21, 2017.
  10. 10.0 10.1 Mattila, Natalie (July 13, 2017). "AutoGravity to Roll Insurance, Maintenance Options Into App". Auto Finance News. Retrieved August 23, 2017.
  11. Overby, Joe. "'Shift' occurs in online car-buying, including finance". Auto Remarketing. Retrieved December 8, 2017.
  12. Penn, David. "AutoGravity Introduces Sheng Wang as New Chief Technology Officer". Finovate. Retrieved December 8, 2017.
  13. 13.0 13.1 13.2 13.3 13.4 "AutoGravity enters NJ, its 49th state". Auto Remarketing. June 1, 2017. Retrieved August 21, 2017.
  14. 14.0 14.1 "Daimler invests in smartphone-based vehicle finance app AutoGravity". Reuters. February 13, 2017. Retrieved August 21, 2017.
  15. 15.0 15.1 Lutz, Hannah (June 21, 2017). "AutoGravity launches national TV ads". Automotive News. Retrieved August 22, 2017.
  16. 16.0 16.1 Lutz, Hannah (July 6, 2017). "VW Credit invests in AutoGravity". Automotive News. Retrieved August 22, 2017.
  17. Coppola, Gabrielle (March 20, 2017). "Online Car-Buying Startups Emerge as Dealer Aids, Not Disrupters". Bloomberg News. Bloomberg L.P. Retrieved August 22, 2017.
  18. 19.0 19.1 19.2 "United States : Frost & Sullivan Commends AutoGravity for Transforming Automotive Financing Industry". Mena Report. Al Bawaba. May 24, 2017. Retrieved August 21, 2017 – via HighBeam Research. (Subscription required (help)). Cite uses deprecated parameter |subscription= (help)
  19. Alois, JD (July 20, 2017). "AutoGravity Now Has Over 500,000 Users". Crowdfund Insider. Retrieved August 23, 2017.
  20. 21.0 21.1 Jacobs, Frank (December 22, 2016). "AutoGravity expands into used-car market". Global Fleet. Retrieved August 22, 2017.
  21. 22.0 22.1 "Germany : Daimler Financial Services Investing in Smartphone App for Vehicle Financing". Mena Report. February 15, 2017. Retrieved August 22, 2017 – via HighBeam Research. (Subscription required (help)). Cite uses deprecated parameter |subscription= (help)
  22. "Financial Technology Company Aims at Simplifying Financing Process". Auto Dealer Today. June 15, 2016. Retrieved August 22, 2017.
  23. Auto Finance News:
  24. "AutoGravity Launches App, Adds Financing Partners". Auto Finance News. December 16, 2016. Retrieved August 22, 2017.
  25. "AutoGravity Debuts Car Financing App". SoCalTech. December 15, 2016. Retrieved August 22, 2017.
  26. Alois, JD (September 11, 2016). "Brief: Finovate Fall 2016 Best of Show". Crowdfund Insider. Retrieved August 22, 2017.
  27. Eisenberg, Richard (September 12, 2016). "The Best New Personal Finance Apps and Sites". Next Avenue. PBS. Retrieved August 22, 2017.
  28. Mercedes-Benz Financial Services USA:
  29. "Fletcher Jones launches sales & finance app". Auto Remarketing. November 2, 2016. Retrieved August 22, 2017.
  30. Madans, Hannah (November 7, 2016). "Wanna buy a Benz? Irvine app does it all". Orange County Register. Retrieved August 22, 2017.
  31. 32.0 32.1 Newman, Deirdre (July 6, 2017). "AutoGravity Adds Investor VW". Orange County Business Journal. Retrieved August 22, 2017.
  32. "The Orange County Register Honours AutoGravity". Auto Business News. December 12, 2016. Retrieved August 22, 2017 – via HighBeam Research. (Subscription required (help)). Cite uses deprecated parameter |subscription= (help)
  33. "AutoGravity Tapped as Top Workplace in Orange County". Entertainment Close-up. December 17, 2016 – via HighBeam Research. (Subscription required (help)). Cite uses deprecated parameter |subscription= (help)
  34. "AutoGravity in National Expansion". SoCalTech. January 25, 2017. Retrieved August 22, 2017.
  35. Hoffman, Williams (January 25, 2017). "AutoGravity Expands to 46 States, Partners with Captives". Auto Finance News. Retrieved August 22, 2017.
  36. "Daimler Financial Services to Invest in AutoGravity". Auto Business News. February 15, 2017. Retrieved August 22, 2017 – via HighBeam Research. (Subscription required (help)). Cite uses deprecated parameter |subscription= (help)
  37. "AutoGravity App Surpasses 200,000 Downloads". Auto Dealer Today. March 1, 2017. Retrieved August 22, 2017.
  38. 39.0 39.1 39.2 Lutz, Hannah (March 8, 2017). "AutoGravity, Black Book launch digital tool to crunch trade-in value". Automotive News. Retrieved August 21, 2017.
  39. First Investors Financial Services:
  40. Westlake Financial Services:
  41. "Black Book to power AutoGravity's trade appraisals". Auto Remarketing. March 7, 2017. Retrieved August 22, 2017.
  42. Hoffman, William (April 20, 2017). "CarFinance Joins AutoGravity's Suite of Lending Partners". Auto Finance News. Retrieved August 22, 2017.
  43. "2 new relationships designed to boost originations and payments". Auto Remarketing. April 21, 2017. Retrieved August 21, 2017.
  44. "AutoGravity Surpasses 1,000-Dealer Mark". Auto Dealer Today. April 3, 2017. Retrieved August 22, 2017.
  45. "AutoGravity's dealer network surpasses 1,400 stores". Auto Remarketing. April 3, 2017. Retrieved August 22, 2017.
  46. Hurst, Samantha (April 3, 2017). "AutoGravity Reports: More Than 250,000 Shoppers & 1,400 Dealers Turn to Auto Financing Platform". Crowdfund Insider. Retrieved August 22, 2017.
  47. "AutoGravity's Car Financing App Now Available in New Jersey". F&I and Showroom. June 1, 2017. Retrieved August 22, 2017.
  48. Coffee, Patrick (March 31, 2017). "Santa Monicas Supermoon Wins Creative Reviews for Startups AutoGravity and ipsy". Adweek. New York City: Beringer Capital. ISSN 0199-2864. Retrieved August 22, 2017.
  49. Lutz, Hannah (July 12, 2017). "Auto financing via smartphone is smart move". Automotive News. Retrieved August 23, 2017.
  50. "VW Credit Invests in AutoGravity". Auto Dealer Today. July 6, 2017. Retrieved August 22, 2017.

Further reading[edit]

External links[edit]


This article "AutoGravity" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:AutoGravity. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.