Alex Mallman, who most recently served as president and CEO of Mercedes-Benz Auto Finance China, replaces AutoGravity’s co-founder and CEO Andy Hinrichs, who left in May, according to the Orange County Business Journal.
The fintech firm’s executive previously served as vice president of product development and engineering at CDK Global. He is now tasked with accelerating AutoGravity’s engineering efforts.
Nissan Motor Acceptance Corp. became the latest captive to join AutoGravity’s digital marketplace. The captive's financing options are currently available on the firm's mobile app in California and will be available nationwide in mid-2018.
The fintech firm has added Audi Financial Services to its car-shopping and financing platform, which now allows Audi shoppers to find their chosen vehicle at the dealership of their choice and secure financing through the carmaker’s captive in four easy steps.
Launched in 2016, AutoGravity rapidly expanded from 100,000 users in its first six months to more than one million users less than a year later, according to officials. In 2017 alone, car shoppers have request more than $1 billion in vehicle financing through the fintech firm’s car-buying app.
The fintech firm named Chuck Schofield vice president of dealer sales. The new executive previously served as a regional senior manager for Mercedes–Benz Financial Services. He now joins AutoGravity cofounder Aleks Bogoeski in expanding the firm's dealer network development program.
More than 750,000 car buyers have downloaded the AutoGravity app, pushing the company past $1 billion in total finance amount requested.
Sponsored by F&I Express, the awards program is designed to honor companies and individuals driving innovation in the digital F&I space.
With its announced investment, Volkswagen’s captive finance company joins the automotive fintech firm’s mobile car shopping and financing platform. VW Credit also launched its own AutoGravity-powered smartphone app.
AutoGravity’s mobile financing app is now available in New Jersey. According to company officials, the app has been downloaded more than 400,000 times since its introduction last summer.
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