Alliance will significantly reduce the time vehicle shoppers spend in a dealership F&I office and give lenders and aftermarket providers unprecedented access to automotive dealers and their customers
Southfield and Farmington Hills, Mich., March 20, 2018 – Open Dealer Exchange and RouteOne today announced a strategic alliance that brings together industry-leading organizations to provide streamlined solutions to their partners CDK Global and Reynolds and Reynolds that bridge the gaps, open the entire lender network and streamline dealers’ processes for providing financing and aftermarket protection products to car shoppers. As a result, vehicle shoppers will experience a more robust online and in-store sales process and spend significantly less time in the dealership Finance & Insurance (F&I) office when buying or leasing a vehicle.
This alliance leverages best-in-class technology and expertise to create a solution to a long-standing industrywide challenge that no one company has been able to solve individually. Traditionally, F&I portions of vehicle transactions, managed with disparate systems, prolonged the vehicle-buying process and created dissatisfaction for all parties involved. Open Dealer Exchange and RouteOne are committed to connecting the critical F&I components needed to enable a seamless dealer workflow that will translate into a better consumer experience and decrease paperwork mistakes for dealers – leading to more rapid closing process and “funded right the first time” contracts.
This technology convergence eliminates the need for traditional system-to-system integration between multiple systems and creates the broadest access point in the industry for automotive dealers to connect with captive finance sources, independent lenders, OEMs and aftermarket providers. At the same time, the alliance’s process reengineering will be made available through CDK Global and Reynolds and Reynolds systems, allowing auto dealerships to combine a seamless and scalable F&I offering into their existing workflow with limited new investment or technology upgrades. All of these enhancements will significantly reduce the time new and used vehicle shoppers need to spend in a dealership’s F&I office, while providing a seamless transition from online to in-store.
“As an organization we are passionate about helping streamline dealers’ retail experience so they can deliver an overall better customer experience,” said Steve Luyckx, General Manager, Open Dealer Exchange. “This alliance allows dealers to quickly and inexpensively implement a streamlined F&I workflow into their existing operational infrastructure, create a seamless online to in-store shopping experience, and reduce the time consumers spend waiting for paper during the actual purchase process.”
“This relationship will combine the industry’s most robust and far-reaching captive finance source, independent lender and aftermarket provider networks, and makes them available through two of the leading dealer networks to create a simple access point that benefits everyone supporting automotive F&I.,” said Justin Oesterle, Chief Executive Officer of RouteOne. “The F&I process is something that everyone in the industry has been trying to fix for a long time. The reengineering of this process by our alliance connects the infrastructure needed to finally meet consumer expectations.”
Highlights of the alliance include:
- Dealers can offer a seamless, end-to-end consumer purchase experience across channels, opening the door for eContracting to become the standard practice for automotive retail transactions.
- Enables a single, digital eSigning ceremony using dealers’ existing technology investments, dramatically improving the car buying experience for consumers.
- Eliminates cumbersome integration and toggling between disparate systems.
- Deal speed and accuracy will dramatically improve, reducing held offerings and contracts in transit.
- Lenders, aftermarket and financial technology providers have a new option for fast, accurate transactions
- OEMs can benefit from the efficiencies of the alliance to work with dealers to create branded shopping experiences
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.
RouteOne was formed in 2002 by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services to improve the F&I process for automobile dealers and their customers. Connecting thousands of dealers and finance sources in North America for vehicle financing, RouteOne’s platform delivers a comprehensive suite of F&I solutions across multiple channels: in-store, online, mobile, and via third-party solutions. Its product line-up include credit applications, eContracting, menu, compliance, and online/mobile retail services. In addition, RouteOne enables dealer choice across a wide variety of best-in-class providers through open integrations with over 150 DSPs. More information is available at www.routeone.com.