Open Dealer Exchange, LLC Partners with VW Credit, Inc. to Launch First Two Phases of FinanceSource™ Dealer Program
Credit application and contract validation focus will streamline lending workflow within two leading Dealer Management Systems through Open Dealer Exchange.
SOUTHFIELD, MI (PRNEWSWIRE) January 30, 2012 -- Open Dealer Exchange, LLC, a technology leader that streamlines the auto buying process for lenders, F&I product providers and dealers, today announced a partnership for integration with VW Credit, Inc. (VCI), the captive finance company which provides competitive financial products and services specifically to Volkswagen and Audi dealers and their customers throughout the U.S.
The partnership includes processing credit application and contract data within the dealer management system (DMS) as part of VCI's FinanceSource™ dealer program. The FinanceSource program allows VCI and various dealer service providers (DSPs) — like ADP Dealer Services, Inc. and The Reynolds and Reynolds Company — to streamline the F&I process within the DMS to expedite application processing and ensure accurate and validated contracts.
"This integrated solution will help our dealers improve profitability and the overall sales experience by creating a more efficient and smooth funding process," said David Wicks, Vice President of Sales and Marketing for VCI.
Successful pilot programs with Audi and Volkswagen dealers using ADP and Reynolds and Reynolds systems in California and Massachusetts have showed promising results. Full dealer rollouts will continue on a state-by-state basis over the next 24 months.
"Open Dealer Exchange is proud to partner with an industry leader like VCI to provide technology solutions that allow the dealer and lender to interact seamlessly within the DMS. There's no need for their dealers to ever leave the DMS in the first place," said Steve Luyckx, General Manager for Open Dealer Exchange. "And, with our solutions, a dealer doesn't have to worry about the integration costs associated with third-party portals that go outside their normal workflow."
Open Dealer Exchange, founded in 2009 as a joint venture between ADP Dealer Services and Reynolds and Reynolds, integrates a finance source or F&I product provider directly within an auto dealership's DMS. By eliminating the need for dealers to log into multiple systems or re-key data into various applications during a vehicle sale, this innovative process results in increased operational efficiencies, reduced contract errors and a more streamlined process with a lender or provider's franchised dealerships.
About VW Credit, Inc.
VW Credit, Inc. (VCI), a wholly owned subsidiary of Volkswagen Group of America, Inc., was founded in 1981 as the financial service arm of Volkswagen Group of America, Inc. VCI, a captive finance company, services Volkswagen, Audi and Bentley retail customers and dealers as Volkswagen Credit, Audi Financial Services, and Bentley Financial Services.
The company provides competitive financial products and services to dealers and their customers throughout the United States including retail leasing, retail financing, and balloon financing, along with wholesale financing for new and used vehicles. VCI maintains a Remarketing Department for disposing of end-of-term lease/balloon contract vehicles, and all used company vehicles.
For more information on VCI, please visit www.vwcredit.com.
About Open Dealer Exchange, LLC
A joint venture between CDK Global™, LLC and The Reynolds and Reynolds Company, Open Dealer Exchange is a technology leader within the automotive F&I process for connecting lenders and F&I product providers with their dealer partners throughout the United States and Canada. By providing a direct connection into the dealership's main network — the DMS — Open Dealer Exchange virtually removes the need for the dealer to leave their system-of-record during the F&I process. This innovative process results in increased operational efficiencies, reduced contract errors, and a more streamlined process with a lender or provider's franchised dealerships. For more information on Open Dealer Exchange and its divisions, please visit www.opendealerexchange.com.
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