App makes car financing more accessible to millennials
A California-based startup is working with dealers and lenders to make car financing more accessible to millennials and other tech-savvy buyers by putting most steps on a smartphone app. Over the years, many websites have tried to bypass dealers for various parts of the sales process always unsuccessfully. But AutoGravity takes on financing and works with dealers.
To truly empower car buyers with access to every possible vehicle, dealer and finance choice, the AutoGravity platform must be an attractive place for lenders and dealers to do business, said Serge Vartanov, AutoGravityês chief marketing officer. The company spent more than a year integrating dealers and lenders into the platform.
Car buyers go through a four-step process. First, they select any make, model and trim of new or used vehicle available in the U.S. Second, they choose a dealership from AutoGravityês national database. The app shows the closest dealers. Next, the buyer searches for financing on the selected car. The buyer will receive up to four finance offers on a smartphone within minutes. The individual can take those to the dealership to complete the sale. Dealer reserve is included in the loan offer.Download Bulletin PDF