TROY, Mich. — Open Dealer Exchange LLC has partnered with Burlington, Ontario-based PowerBand Global Inc., a provider of vehicle acquisition and disposal services as well as a finance portal. The partnership will enable automotive lenders in Canada to receive credit applications and send credit decisions seamlessly to the dealership’s dealer management system (DMS).
Open Dealer Exchange, a joint venture between Automatic Data Processing Inc. (ADP) and the Reynolds and Reynolds Company, streamlines the automotive finance process by providing a seamless and integrated user experience within the DMS environment, without the use of hostile and costly third-party interfaces. This ultimately results in improved operational efficiencies, reduced costs and increased customer and dealer satisfaction.
“We are extremely excited about our partnership with Open Dealer Exchange and what it will mean for lenders and dealers throughout Canada,” said Peter Rakoczy, PowerBand Global CEO. “Our complementary offerings and combined technology expertise will offer our clients a seamless, accurate and timely way to send and access critical transaction data directly from the DMS.”
With unprecedented access to the DMS through Open Dealer Exchange, PowerBand Global will be able to more efficiently facilitate credit applications between dealers and lenders. Dealers will no longer have to duplicate data entry between systems. Data will flow easily back and forth between the DMS and the lender with just one point of entry.
“Our direct connection to ADP and Reynolds and Reynolds DMS systems will enable PowerBand to take their credit application and contracting services to a level that is unparalleled in the industry,” says Steve Luyckx, general manager for Open Dealer Exchange. “For Canadian dealers that means the most effective access to PowerBand’s established network of lenders.”