IRVINE, Calif., July 6, 2017 /PRNewswire/ -- VW Credit, Inc. (VCI) today announced that it has committed to make an equity investment in AutoGravity, pending customary regulatory approvals. With this strategic investment, VCI is supporting its goal to create a digital experience that enhances the customer financing process. AutoGravity is a FinTech pioneer facilitating car shopping and financing with the power of the smartphone.
In addition to this investment, VW Credit, Inc., has worked with AutoGravity to bring Volkswagen and Audi financing directly to car buyers across the United States. Through this project, VW Credit, Inc., has launched the Volkswagen Credit smartphone app, powered by proprietary AutoGravity technology and available for iOS and Android. Finance options from Volkswagen Credit are now available on the AutoGravity platform, extending the range of options available to more than 400,000 consumers who have downloaded AutoGravity. Volkswagen dealers now can benefit from a new source of potential car buyers.
"Customers are becoming more demanding of mobile technology and the world of auto financing is no exception," said Horst Meima, President and CEO at VW Credit, Inc. "We are ready to become a leader in shaping this part of the industry and believe that AutoGravity can help get us there."
"Mobile technology is a game changer for consumers, dealers and lenders. We have pioneered a digital experience that saves time and improves satisfaction for all parties through a device we are intimately familiar with – the smartphone," said Andy Hinrichs, CEO at AutoGravity. "AutoGravity has experienced substantial growth since our first app hit the marketplace in the summer of 2016. This investment will help us accelerate in the face of rapidly growing consumer and industry demand."
AutoGravity simplifies the car shopping and financing experience, giving consumers access to loan and lease offers on their smartphones and empowering them with the peace of mind that comes with securing a fair deal. Through investment and partnership, VW Credit, Inc. positions itself to realize the full potential of AutoGravity technology.
Based in Irvine, California, AutoGravity offers car buyers across the U.S. the ability to obtain up to four personalized financing offers on the vehicle of their choice. Designed with state-of-the-art security, AutoGravity protects consumers' information with advanced bank-level encryption and proprietary data security technologies, ensuring sensitive information is processed securely.
About VW Credit Inc.
VW Credit, Inc. (VCI), was founded in 1981 to function as the captive financial services arm of Volkswagen Group of America, Inc. and is affiliated with Volkswagen of America, Inc., Audi of America, Inc. and Ducati North America, Inc. VCI services Volkswagen, Audi and Ducati customers, authorized automotive/motorcycle dealers and their affiliated stores as Volkswagen Credit, Audi Financial Services and Ducati Financial Services. The company provides competitive financial products and services to dealers and their customers in the United States. VCI also manages and markets branded financial services through third-party providers. The company is headquartered in Herndon, VA. It maintains operational and customer service centers in Libertyville, lL, and Portland, OR, a remarketing department in Auburn Hills, MI, and regional offices in Woodland Hills, CA, Alpharetta, GA, Woodcliff Lake, NJ, Irving, TX, and Rosemont, IL.
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. For more information on AutoGravity, please visit www.autogravity.com and follow @AutoGravityHQ on Twitter.