RouteOne and Open Dealer Exchange proudly announce The Digital Deal®*. This announcement is a realization of the key component of their strategic alliance that brought together industry-leading organizations to connect the critical F&I components required to enable a seamless dealer workflow and best-in-class consumer experience with “funded right the first time” contracts. The Digital Deal® reduces the reliance on paper and creates a digital workflow for a complete data payload to enable faster, autonomous funding with fewer held offerings.
The Digital Deal® includes all of these industry-leading features:
- Industry Leading Workflow – Enables dealers to offer consumers an efficient and transparent auto finance transaction; dealers can spend more time supporting customers through the sales process and less time tabbing between, and synchronizing, different systems.
- Document Typing/Indexing – Allows a dealer to deliver a document package to their finance that identifies all electronically originated documents in the contract package with a condensed shortcode added to the outbound XML.
- Required Forms List – Enables finance sources to communicate all forms and funding package requirements for each deal type originated by the dealer prior to origination and distribution.
- Document-Level Messaging – Returns an “Accepted” or “Rejected” status for each document during the distribution response for “Held” or “Rejected” contracts, allowing the dealer to easily identify which documents need to be corrected.
- Ancillary Form Data – Allows finance sources to further streamline their auto-funding process by providing key data fields for electronically generated ancillary forms as well as the ability to receive additional aftermarket product types that are not received in the Base contracting functionality.
- Ancillary Form Validation – Verifies key data fields on electronically generated ancillary forms against the data on the contract to ensure data consistency across all electronically originated documents.
These features are available in RouteOne and are currently supported by 13 finance sources experiencing the benefits of increased automation.
The vision is two-fold: funding automation for finance sources powered by data from The Digital Deal ® and building an industry-leading consumer experience by enabling dealers to work in one system – their DMS. CDK and Reynolds & Reynolds DMS support this single system workflow for dealers in 15 states and over 100 RouteOne finance sources can receive credit applications and eContracts straight from these DMSs. Along with the credit application and contract data, finance sources can also receive XML data from the vast library of electronic forms available in the DMS. This reduces the amount of uploaded ancillary forms and increases automation and validation capabilities**. Dealers are also assured that every eContract they distribute to a finance source fulfills ALL of the required forms for funding, reducing held and bounced contracts.
Finance Sources interested in reducing their reliance on paper with The Digital Deal ® should contact their RouteOne Account Manager at 866.768.8301 or www.routeone.com/salesteam. Dealers interested in enhancing their DMS workflow can contact their CDK or Reynolds & Reynolds representative.
* The Digital Deal is a registered trademark of Open Dealer Exchange, LLC
**Document-level messaging, Ancillary Form Data, and Ancillary Form Validation to be built into DMS workflow in 2023.
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 includes credit application, eContracting, menu, online/mobile retail services, and compliance. In addition, RouteOne enables dealer choice across a wide variety of best-in-class providers through open integrations with over 200 DSPs. More information is available at www.routeone.com.
About Open Dealer Exchange
Open Dealer Exchange is a technology hub focused on transforming the Automotive Finance & Insurance workflow. Based in Farmington Hills, Michigan, Open Dealer Exchange was founded in 2009 by the two premier Dealer Management System providers, CDK Global and Reynolds & Reynolds. This joint venture has allowed dealerships from coast to coast to integrate seamlessly with our nationwide network of auto lenders, aftermarket providers, and credit bureaus to streamline the lease and financing process for car buyers.