US Bank and AutoGravity team to “revolutionise” digital car buying
US Bank has unveiled a new tool that will make it easier for auto shoppers to find the car they want and secure pre-approval – all before arriving at the dealership, writes David Penn at Finovate.
That solution comes courtesy of a new partnership with auto finance innovator AutoGravity. The California-based fintech has helped the fifthomeagh largest bank in the US to build an online platform that gives consumers looking for auto financing a straightforward process and a loan decision within minutes.
Speaking for US Bank, EVP for consumer dealer services, John Hyatt, highlights the way AutoGravity improved the task of finding and buying a new car for both sides of the auto financing process. “We want our customers – both car buyers and dealerships – to have the best, most seamless experience possible,” Hyatt says. “This technology helps us get the buyer in the driver’s seat sooner and brings pre-approved customers to the dealership.”
The solution enables auto shoppers to choose between working with a dealership approved by US Bank or with a US Bank branch. Via the online tool, consumers can choose their car and dealership, apply for pre-approval, and close the loan at the dealership (or at the bank branch, depending on the option chosen) and drive home in a brand new car.
The tool is currently online only, but US Bank anticipates adding the tool to the bank’s mobile app, as well as opening up the application process to used car buyers and co-applicants “in the coming months”.
“Together, AutoGravity and US Bank have taken the first step on a journey to revolutionise the digital car-buying experience,” AutoGravity’s founder and CEO, Andy Hinrichs, states. “We are empowering US Bank’s customers to finance their next car in minutes, anytime and anywhere they want.”
AutoGravity has recently surpassed $2 billion in financing requested. Founded in 2015, the company is coming off a strong 2017 that featured new partnerships with Global Lending Services and Hyundai Capital America.
The company has raised $80 million in funding to date.