SOUTHFIELD, Mich. — Open Dealer Exchange recently revealed an agreement for integration with auto lending solutions provider CUDL.

Through this new partnership, “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,” officials explained.

“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 chief executive officer.  

“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,” he continued.

The companies also explained the reasoning behind the new alliance.

“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 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,” officials noted.

“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,” they further stressed.

And Open Dealer Exchange — founded in 2009 as a joint venture between ADP Dealer Services and The Reynolds and Reynolds Co. — works to integrate 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,” the company contends.

Through this partnership, dealers will be able to send complete customer and deal information directly to CUDL, then complete the credit application process within CUDL — all from within the DMS. 

Moreover, 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,” officials explained.

Open Dealer Exchange executives also expressed their enthusiasm for the new partnership:

“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,” said Steve Luyckx, general manager for Open Dealer Exchange.

 “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,” they concluded.

To learn more about Open Dealer Exchange, visit www.opendealerexchange.com.