The amount of the deal, which is still to be closed pending customary regulatory approvals, was not disclosed.
With this strategic investment, VW Credit is supporting its goal to create a digital experience that enhances the customer financing process. In addition to it, the company 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.
Led by Andy Hinrichs, CEO, AutoGravity simplifies the car shopping and financing experience, giving consumers access to loan and lease offers on their smartphones and enabling them to secure a fair deal.
The company offers car buyers across the U.S. the ability to obtain up to four personalized financing offers on the vehicle of their choice and protects consumers’ information with advanced bank-level encryption and proprietary data security technologies.