TROY, Mich. — Open Dealer Exchange LLC formed an agreement with Hauppauge, New York-based Teledata Communications Inc. (TCI) to provide direct integration services with the loan origination system (LOS) provider’s DecisionLender solution.
The agreement allows partnering finance sources to receive credit application data and return credit decisions directly into a dealership’s dealer management system (DMS).
TCI provides affordable, Web-based loan origination and automated decision lending software that accelerates the loan approval process for a lender. DecisionLender is provided as a software as a service (SaaS) solution designed to simplify the LOS process for automotive finance companies. The service is utilized by more than 180 financial institutions, including banks, credit unions and finance companies throughout the U.S.
“Allowing dealerships to send credit applications for a car loan directly from the DMS creates a streamlined process between the dealership’s system-of-record and TCI’s lender clients,” stated Marty Zwolan, vice president of sales and marketing for Open Dealer Exchange.
“The interface with Open Dealer Exchange connects all the dots in the lending process including the car dealer’s DMS, TCI’s DecisionLender and the lender’s core processing system,” said Bill Nass, president of TCI. “Because all of the software systems are integrated, errors are eliminated, costs are reduced and loans are processed faster. All of these factors provide a substantial competitive edge in a highly competitive industry.”