Open Dealer Exchange Partners with VW Credit to Launch First Two Phases of FinanceSource Dealer Program
SOUTHFIELD – Open Dealer Exchange, LLC, announced a partnership for integration with VW Credit, Inc., the captive finance company which provides 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.
More Industry
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
Consumer Outlook on the Rise
Younger generations are feeling more positive about their financial futures and current affordability pressures than older generations, according to recent TransUnion data.
Read More →