Mobile car shopping and financing platform shares new insights on car shopper habits and auto financing trends
IRVINE, Calif. – April 03, 2017 – AutoGravity, the FinTech pioneer transforming car shopping and finance with advanced mobile technology, today revealed that more than a quarter million users – more than half of whom are millennials – have downloaded AutoGravity iOS and Android apps for vehicle shopping and financing. AutoGravity also confirmed its network of partner car dealerships has grown to more than 1,000 rooftops, representing more than 1,400 franchise dealerships.
“This newly released data confirms that there’s growing demand for a consumer-friendly, mobile-first car shopping experience,” said Serge Vartanov, co-founder and chief marketing officer of AutoGravity. “Dealers and lenders understand the changing needs of consumers and have partnered with AutoGravity to empower shoppers with transparency, convenience and choice.”
Since launching in 2016, AutoGravity has achieved significant growth across the U.S., securing partnerships with the nation’s top automotive lenders, as well as four of the top five national dealer groups, representing all new and used car brands available in the country.
Additional data driven findings from AutoGravity, include the following:
- Economy cars continue to be a very popular choice. Economy brands rank in the top four most applied for vehicles across the US – luxury car brands round out the top seven
- Japanese brands perform in California. Japanese economy and luxury car brands are more searched relative to American brands in California (as compared to the U.S.overall)
- Millennials more cost sensitive than Gen X. Among consumers turning to AutoGravity for convenient car financing, millennials seek to borrow ~15 percent less (finance amount) and seek to contribute ~25 percent less (cash down payment) relative to car shoppers ages 36+
- New cars remain popular with boomers. AutoGravity data shows two-thirds of car shoppers ages 50+ who pursue financing do so for new vehicles. In contrast, only half of AutoGravity car shoppers ages 18 to 25 who pursue financing do so for new vehicles
Based in Irvine, California, AutoGravity offers car buyers in 47 states the ability to obtain up to four personalized finance offers on the vehicle of their choice – on average in under 10 minutes. Designed with state-of-the-art security, AutoGravity protects users’ information with advanced bank-level encryption and proprietary data security technologies, ensuring sensitive information is processed securely.
AutoGravity is available for download on the Apple App Store and the Google Play Store. AutoGravity is also available as a mobile-responsive web app at www.autogravity.com.
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About AutoGravity Corporation
AutoGravity is a FinTech pioneer on a mission to transform car financing by harnessing the power of the smartphone. AutoGravity partners with the world’s leading banks and financial services companies to give consumers direct control over how they finance their cars. Available as a native iOS, Android and web app, AutoGravity offers a secure and convenient platform that empowers customers with multiple finance offers within its network of trusted car dealerships. Based in Irvine, California, AutoGravity was founded in 2015 by an international team of digital natives and industry veterans. For more information on AutoGravity, please visit www.autogravity.com and follow @AutoGravityHQ on Twitter.
