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AutoGravity Corporation

From EverybodyWiki Bios & Wiki

AutoGravity Corporation
File:AutoGravity logo.png
ISIN🆔
Founded 📆October 2015; 9 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.


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