F&I and Showroom, January 2017

INDUSTRY SPOTLIGHT www fi magazine com 16 F I and Showroom January 2017 Speaking during a panel discussion at the American Financial Services Association AFSA s 2015 Vehicle Finance Conference TrueCar cofounder Jim Nguyen wondered why auto finance sources hadnt taken advantage of advancements in technology to engage consumers directly Why cant we have a LendingTreetype environment so car buyers can see all their options he asked the room full of auto finance execs About 10 months after the TrueCar exec posed his question a startup with the financial backing of Daimler AG was opening its doors in Irvine Calif to build such an experience The first version of the fintech tool was silently released in early 2016 with little to no marketing The goal then was to perfect the platform But with the foundation of the platform ready and an eight figure marketing budget in tow AutoGravity now wants every vehicle shopper in America to know its name We are a very different startup from what you see out there in the automotive startup world We are not proclaiming that dealers are obsolete and the lenders will go the way of the dinosaur We are saying the opposite says Andreas Hinrichs cofounder and CEO of AutoGravity Were saying that dealers play a very important role and lenders bring a lot of efficiency and scale to the process What the automotive finance industry is lacking is a comprehensive digital experience for the customer and a digital delivery channel for the dealer FILLING A VOID Hinrichs was coming off a nearly 20 year career with Daimler Financial Services when he and AutoGravity COO Nicholas Stellman another Daimler Financial Services veteran founded the fintech firm in October 2015 The firms 50 person crew counts other veterans of the auto finance industry but Hinrichs says the company sought out associates with varying levels of work experience in order to have multiple perspectives working on the platform Dealer feedback he adds has also been critical The platform was designed to allow car shoppers to secure vehicle financing or a lease on their mobile device before they visit the dealership Its currently available for download throughout the country but financing is limited to California That will change shortly Hinrichs says The executive stresses that the goal isnt to usurp the dealer or disrupt the established dealer to lender process He simply hopes the platform will become the digital glue between dealers and finance sources while facilitating more sales and originations in the process AutoGravity serves customers who submit a credit inquiry who gain personalized offers from indirect lenders Theres an App Picture is the executive team for AutoGravity which includes CTO Martin Prescher CEO Andreas Hinrichs COO Nicholas Stellman and COO Serge Vartanov The firm silently released its vehicle financing app in early 2016 Now armed with an eightfigure marketing budget the company is preparing to take its fintech tool primetime