Frost & Sullivan Commends AutoGravity for Transforming Automotive Financing Industry
AutoGravity's digital platform for car buyers, dealerships, and financial institutions addresses all the challenges in the auto financing space
SANTA CLARA, Calif., May 23, 2017 /PRNewswire/ -- Based on its recent analysis of the automotive financing industry, Frost & Sullivan recognizes AutoGravity with the 2017 North American Frost & Sullivan Entrepreneurial Company of the Year Award. AutoGravity's first-of-its-kind FinTech platform empowers car buyers to browse any new or used car, get multiple binding financing offers in minutes and select the deal and lender that's right for them. Just months after launching its native mobile app in the summer of 2016, AutoGravity introduced new car leasing and used car loan features with the aim of transforming the auto financing industry.
While simplifying the financing process for customers, AutoGravity's app also saves dealers the effort of educating customers on various models and financing options. Additionally, it saves time by eliminating the need to apply for financing at the dealership and process pages of paperwork. Most significantly, it supports dealers by providing them with qualified, enthusiastic car buyers.
"From a dealership perspective, the sales conversion rate through AutoGravity can be as high as 70%, compared to the 15% to 18% from direct sales leads. This success rate has attracted investments from market giant Daimler, cementing AutoGravity's market leadership," said Frost & Sullivan Research Analyst Ajay Natteri. "Above all else, the privilege of being the only competitor in its space gives it the power to shape the auto financing industry and enhance its efficiency."
AutoGravity creates a level playing field for financial institutions and dealers with its fair pricing process. It generates up to four binding, personalized financing offers, which online platforms today do not provide. Moreover, offers are presented in less than 10 minutes, and the deals are attractive because AutoGravity partners with both financial institutions and dealers. These methods have gone a long way in improving transparency among customers, dealers, and financial institutions.
By creating the right opportunities for all stakeholders and capturing the first-mover advantage, AutoGravity is leading the industry and raising the entry barrier for similar apps. Because the app can be tailored and integrated with dealers' customer relationship management (CRM) tools, it is delivered at a price lower than the costs required for dealers to develop a new app in-house.
"AutoGravity's app resonates with customers of all age groups. Its private label solution, which focuses on a particular brand/dealership, targets brand-loyal customers—usually Baby Boomers and Generation X," noted Ajay. "Tech-savvy Millennials also use AutoGravity's app because the service is easily accessible, quick, and delivers near-accurate estimations."
Currently, AutoGravity has 60+ employees, and has recorded 350,000 app downloads in just one year. It has expanded to 48 states in the United States and has on-boarded many of the nation's top-20 automotive lenders, as well as 1,500+ dealers. Due to these successes and its ability to break new ground in the auto financing industry, Frost & Sullivan is pleased to present AutoGravity with the 2017 North American Entrepreneurial Company of the Year Award.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in products and technologies and leadership in customer, value as well as speed in response to market needs. In short, the award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About AutoGravity Corporation
AutoGravity is revolutionizing the way people buy and finance cars. Harnessing the power of the smartphone, AutoGravity technology provides a new level of transparency, convenience and speed to the car shopping and financing process. AutoGravity partners with the world's leading banks and financial services companies to give car buyers direct control over their car financing options while connecting them to a nationwide network of trusted car dealerships. Available on iOS, Android and Web, AutoGravity empowers car buyers with up to four binding offers in minutes. Based in Irvine, California, AutoGravity was founded by an international team of digital natives and auto industry veterans.
About Frost & Sullivan
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SOURCE Frost & Sullivan
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