ODE Integrates With VW Credit
The partnership between Open Dealer Exchange and VW Credit includes processing credit application and contract data within the dealer management system.
SOUTHFIELD, Mich. — Open Dealer Exchange (ODE) LLC announced a partnership for integration with VW Credit Inc., the captive finance company for Volkswagen and Audi dealers 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, according to ODE. The FinanceSource program allows VCI and various dealer service providers 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.
Full dealer rollouts will continue on a state-by-state basis over the next 24 months, according to ODE.
"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.
For more information, visit www.opendealerexchange.com or www.vwcredit.com.
More Auto Finance
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →