Consumers looking to buy a Hyundai, Kia or Genesis model now can shop for and finance their vehicles through Hyundai Capital America using AutoGravity's mobile app and web platform, the companies said Wednesday. The partnership launched this month, beginning in California.
Hyundai Capital America does business as Hyundai Motor Finance, Kia Motors Finance and Genesis Finance. If the California launch succeeds, Hyundai Capital will extend the AutoGravity partnership nationwide.
With AutoGravity, customers can shop for a car, select a nearby dealership, choose from up to four finance or lease offers and get preapproved. The dealership receives a fee on the financing, and customers finalize the transaction at the dealership, where they can buy finance and insurance products and take delivery of the vehicle.
AutoGravity has joined with more than 20 auto lenders, including Mercedes-Benz Financial Services, Volkswagen Credit, First Investors Financial Services and Westlake Financial Services. It launched a pilot of its app and web platform in California about a year ago. Since then, the app has become available in every state but Nevada and has reached nearly 700,000 consumer downloads.
"With the growing number of consumers embracing AutoGravity, as well as the seamless integration of AutoGravity with dealer process, we felt that this was the perfect opportunity to test the platform," Ross Williams, CEO of Hyundai Capital America, said in a statement.
AutoGravity CEO Andreas Hinrichs said AutoGravity lets consumers put vehicle financing "in the palm of their hand." Now, "with the addition of Hyundai Capital America," he said, "we can offer our users even more finance choices, making that drive off the dealership lot even more rewarding."
Hinrichs has held executive positions at Daimler Financial Services Africa & Asia Pacific, Daimler Financial Services Americas and Mercedes-Benz Financial Services USA. Daimler announced in February it had invested double-digit millions of euros in AutoGravity.