BROOMFIELD, Colo. and AUBURN HILLS, Mich. — Oxlo Systems Inc., the operator of the Dealer Integration Network, will provide a new electronic communications interface for VW Credit Inc.'s FinanceSource system. FinanceSource is replacing VCI's current Dealer Extranet system used by Volkswagen, Audi and Bentley dealers in the United States and Canada. The first phase of FinanceSource will facilitate the automated submission and decision approval process of credit applications, improving customers' retail experience and shortening the overall financing process.
"This will help our Volkswagen, Audi and Bentley dealers improve the overall dealership finance experience by allowing them to complete the credit process entirely within their chosen dealer management system," said Hans Bremer, VCI Credit and Funding general manager. "We have begun implementation of these next-generation dealership finance enhancements and will be rolling them out beginning in early 2008. Additional dealer system providers will be invited to participate over the next few months."
The FinanceSource system will enable dealers to submit credit applications and receive credit decisions directly from their DMS or F&I systems, saving time and expense. The second phase of the FinanceSource rollout will support contract validation and electronic contracting.