Frost & Sullivan Awards AutoGravity for Transforming Automotive Financing
May 23, 2017—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 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.
According to Frost & Sullivan, 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 percent, compared to the 15 to 18 percent 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 over 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.