Daimler FS invests in AutoGravity

Daimler Financial Services along with AutoGravity has rolled out a comparison app for buying and financing vehicles in 46 US states.

Daimler FS invests in AutoGravity

The app provides users with up to four offers in minutes, said Daimler FS, and features multiple vehicle brands and models which enables various financial services providers and automotive manufacturers the opportunity to offer vehicle financing and leasing via smartphone.

As part of the roll out, Daimler FS said it had invested in AutoGravity.

AutoGravity first piloted its platform in California in mid-2016 in conjunction with Mercedes-Benz Financial Services USA. Since then, it has also integrated additional finance providers into the platform, and has also extended its offering to include leases and used-car finance.

According to Daimler FS, since the launch of the pilot the app – which is available through iOS, Android and Web applications – has been downloaded over 150,000 times.

Klaus Entenmann, chairman of the board of management of Daimler Financial Services said: “In AutoGravity, we see a new star rising in the digital world. Customers are able to find the best financing deal for their vehicle in real time. The comparison app acts as a digital interface between the customer, dealerships and various financial service providers.”

The investment in AutoGravity followed the launch of ‘Mercedes pay’ in January, along with the acquisition of payment services provider PayCash Europe

Entenmann added: “After being in the auto financing business for more than 50 years, our goal is to continue offering customers a suite of digital tools for a more innovative financing and mobility experience.”