TROY, Mich. — Open Dealer Exchange and Westlake Financial Services reached an agreement Tuesday that's geared to help dealers with credit applications.

The partnership is meant to integrate credit applications directly into the store's dealership management system. Executives from both companies believe the partnership can streamline dealers' workflow during the vehicle-buying process and provide expanded capabilities in dealership inventory modeling.

Because of Open Dealer Exchange's direct access to Automatic Data Processing and Reynolds and Reynolds DMS systems, the company determined Westlake Financial Services and its dealership customers can communicate directly via DMS during the credit application process. This can incorporate credit decisions and dealer inventory tracking.

Officials contend the agreement can allow greater dealer efficiency in pinpointing which vehicle in inventory is best suited for each customer.

"Ensuring a secure environment for the exchange of accurate data between a dealership and finance source is critical to both parties in completing swift and successful transactions," explained Marty Zwolan, vice president of sales and marketing for Open Dealer Exchange.

"Both Westlake Financial Services and its dealer network will benefit tremendously from Open Dealer Exchange's innovative technology solutions, and increase their competitive advantage in the marketplace," Zwolan added. 

"Westlake Financial Services and Open Dealer Exchange share a similar philosophy when it comes to helping dealerships," Ian Anderson, president of Westlake Financial Services, stated.

"Our companies both believe in using technology as a tool to help dealers become more efficient and more profitable," he concluded.