Volkswagen Credit made news on Thursday when it announced that it is taking an equity stake in AutoGravity, a FinTech firm focused on car shopping and auto financing across mobile devices.
In a statement Thursday, VW Credit said that its investment in AutoGravity is in place, pending regulatory approvals. The company also said that the investment in the FinTech, where the amount remains unknown to date, is strategic, while seeking to “create a digital experience that enhances the customer financing process.”
In tandem with working to expand Volkswagen and Audi financing in the United States, the firms have launched the Volkswagen Credit smartphone app. That extension brings auto financing to more than 400,000 car shopping consumers in the marketplace, who have already downloaded AutoGravity.
In the statement, Andy Hinrichs, CEO of AutoGravity, said that “mobile technology is a game changer for consumers, dealers and lenders. We have pioneered a digital experience that saves time and improves satisfaction for all parties through a device we are intimately familiar with — the smartphone. AutoGravity has experienced substantial growth since our first app hit the marketplace in the summer of 2016. This investment will help us accelerate in the face of rapidly growing consumer and industry demand.”