SANTA CLARA, Calif. — Frost & Sullivan recognized AutoGravity with the 2017 North American Frost & Sullivan Entrepreneurial Company of the Year Award for its fintech platform that empowers car buyers to browse any new or used cars, 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. While simplifying the financing process for customers, AutoGravity’s app also saves dealers the effort of educating customers on various models and financing options. It also saves time by eliminating the need to apply for financing at the dealership and process pages of paperwork, and provides dealers with qualified car buyers.
“From a dealership perspective, the sales conversion rate through AutoGravity can be as high as 70%, compared to the 15% to 18% 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, which was featured in the January 2017 issue of F&I and Showroom, generates up to four binding financing offers in less than 10 minutes. Its app can be tailored and integrated with dealers’ customer relationship management (CRM) tools, and is delivered at a price lower than what it would cost a dealer to build an app in-house.
Currently, AutoGravity has 60-plus 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 auto finance sources, as well as 1,500-plus dealers. Due to these successes and its ability to break new ground in the auto financing industry, Frost & Sullivan presented AutoGravity with its 2017 North American Entrepreneurial Company of the Year Award.
The award is presented annually to the company that demonstrates excellence in devising a strong growth strategy and robustly implementing it. The recipient must show strength in terms of innovation in products and technologies and leadership in customer, value and speed in response to market needs. In short, the award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Originally posted on F&I and Showroom