Open Dealer Exchange, LLC Announces Agreement for Integration with CUDL
SOUTHFIELD, Mich., February 2, 2012 – Open Dealer Exchange, LLC today announced its agreement for integration with CUDL (www.cudl.com), the nation’s leading indirect and point-of-purchase auto lending solutions provider to the credit union industry. Through the new alliance, CUDL will be offering direct credit application and contract validation data integration from the dealer’s point-of-sale system directly to the CUDL system.
Today, the integration between lenders and dealers is fragmented and often times hostile and not necessarily secure. Because there is a break in workflow between a dealer’s internal dealer management system (DMS) and a lender’s back-end system, the process is vulnerable to human errors with data entry, information syncing in multiple systems and improper security measures. With a direct connection from Open Dealer Exchange, CUDL will virtually eliminate these inefficiencies for their dealer network while providing process efficiencies to its credit union members.
“The agreement with Open Dealer Exchange allows our credit union members a more streamlined approach during the contracting process,” said Tony Boutelle, Credit Union Direct President and CEO. “With our combined technology expertise, lenders will have access to critical information directly from the DMS, something that is tough to do today without the connection to Open Dealer Exchange.”
Open Dealer Exchange, founded in 2009 as a joint venture between ADP Dealer Services and The Reynolds and Reynolds Company, 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.
From within the DMS, dealers will be able to send complete customer and deal information directly to CUDL then complete the credit application process within CUDL. They will also have the ability to perform contract validation on each deal directly from their DMS, which acts like a spell-check to ensure all data is right the first time, prior to being sent to the lender.
“Our agreement will enable CUDL to take their credit and contracting services to the next level, which is a step in the right direction for the industry as a whole,” says Steve Luyckx, General Manager for Open Dealer Exchange, LLC. “Dealers have had limited or costly connectivity between their lenders and their DMS, and this alliance bridges that gap and combines the strengths of each system.”
To learn more about Open Dealer Exchange, please visit www.opendealerexchange.com.
About Open Dealer Exchange, LLC
A joint venture between ADP Dealer Services, Inc. and The Reynolds and Reynolds Company, Open Dealer Exchange is a technology leader within the automotive F&I process for connecting lenders and F&I product providers with their dealer partners throughout the United States and Canada. By providing a direct connection into the dealership's main network — the DMS — Open Dealer Exchange virtually removes the need for the dealer to leave their system-of-record during the F&I process. This innovative process results in increased operational efficiencies, reduced contract errors, and a more streamlined process with a lender or provider's franchised dealerships.
For more information on Open Dealer Exchange and its divisions, please visit www.opendealerexchange.com.
Based in Ontario, California, CUDL® (a CU Direct Corporation flagship brand) is the leader in indirect and point-of-purchase lending services for the credit union industry. As a Credit Union-owned Service Organization, CUDL develops custom applications, training and marketing programs to help credit unions achieve their indirect vehicle lending goals.
More than 990 credit unions and 8,500 dealerships nationwide rely on CUDL’s national lending network to better serve members’ vehicle shopping needs and drive member financing at the point-of-purchase. For more information about CUDL visit www.cudl.com and www.cudlautosmart.com.