According to statistics, the average time it takes for people to do research when finding a new car is between 12 to 18 hours. An article on Time magazine’s website stated a leading business consultant company called Accenture surveyed 10,000 people in the U.S. in addition to other countries to find out about their experience of buying a new car. The results show that most of the participants found it to be a stressful time. Furthermore, seventy-five percent of respondents said: "if, given the opportunity, they would consider making their entire car-buying process online, including financing, price negotiation, back office paperwork and home delivery.”
Accenture’s survey included that close to 72 percent of surveyors would prefer to complete a credit application on the internet.
A few of the main reasons for this is to save time and eliminate the pressure of completing paperwork in a dealership.
Innovative technology changing the way we buy cars
One of the companies helping to make a difference is AutoGravity. The company launched its platform nationally this week, which streamlines the auto-financing process and gives users access to multiple competing financing offers in the palms of their hands in less than 10 minutes. The CEO of the business, Andy Hinrichs stated that it “has brought car finance into the digital age.”
A few days ago, Ford Motor also joined forces with AutoFi to offer a similar app service with one dealership in Ohio, while AutoGravity allows car shoppers to finance any make, model, and trim from more than 20,000 dealerships across the country.
More about AutoGravity
The company’s headquarters is in California in the city of Irvine. AutoGravity was founded in 2015 by a group of international digital trendsetters and industry veterans. The team had the goal of empowering car buyers, while saving something we can never get back when it comes to searching for a new car -- our time. The service is available as a web app, on Android devices, and on iOS as well.
