When customers come to a dealership with pre-arranged financing, the dealership typically misses out on profit. AutoGravity has come up with a financing process it says satisfies all parties -- dealership, lender and customer.
AutoGravity launched an app that connects customers to a franchised dealership and a lender. It keeps the dealership in the loop and treats the deal like an in-store transaction, but the customer drives the terms.
Through the app, customers select a car and a dealership. They then are presented with up to four lenders that the dealership has relationships with. Customers plan terms and get approved through the app and then go to the dealership to buy F&I products and take delivery of the vehicle.
“We have a so-called matching engine,” AutoGravity CEO Andy Hinrichs told Automotive News. “Once you submit the credit application, the matching engine will determine which lender is working with the dealer you selected and which four lenders are most suited to approve the transaction at the best terms in your particular situation.”
The app is available for web devices at autogravity.com and for Apple devices iOS 8.4 or higher and Android devices 4.1 or higher.