Daimler Invests In Phone-Based Financing App AutoGravity

While most manufacuturers seem to be investing in smart car technology these days, Daimler is throwing some of its economic muscle in a slightly different direction — making sure consumers have access to financing adequate to buy vehicles from them.

The German automaker has officially announced that its Daimler Financial Services unit is making an investment in AutoGravity, an Irvine, California-based startup that is designed to make it easier for shoppers to lock down financing for a vehicle purchase. AutoGravity claims to offer a “first-of-its-kind comparison app for vehicle shopping and the ability to finance in 46 U.S. states.” The investment is reportedly part of Daimler’s efforts to maintain growth via digital financing tied to the mobile economy.

The app is making its (almost) nationwide push in tandem with the Daimler pair-up; AutoGravity offers its users up to four individually designed and binding offers within minutes of application.

“With our investment in AutoGravity, we are now taking the strategic step of preparing the conventional financing and leasing business for digital sales channels,” said Bodo Uebber, Member of the Board of Management of Daimler AG, responsible for Financing & Controlling and Daimler Financial Services, of the deal.

AutoGravity first piloted its digital financing platform in California in mid-2016 as part of a trial operation with  Mercedes-Benz Financial Services USA LLC.