TROY, Mich. -
Open Dealer Exchange — which is a joint venture formed by Automatic Data Processing and the Reynolds and Reynolds Co. — said that it has secured its first Canadian partnership, a deal that officials believe will be beneficial to dealers and lenders alike.
Open Dealer Exchange struck a deal with PowerBand Global. This Burlington, Ontario-based company offers a network that is designed to make vehicle acquisition and disposal processes run simpler. PowerBand Global also offers a finance portal. Open Dealer Exchange, as some may know, aims to make the auto finance process run smoother.
Explaining the benefits of this partnership, officials explained that Canadian auto lenders can utilize it to receive credit applications and then return their decisions to a store’s dealer management system efficiently.
Dealers, meanwhile, will be able to tap into the plethora of PowerBand lenders in the “most effective” manner, according to officials.
PowerBand will have “unprecedented access” to the DMS, thus allowing them to provide a smooth credit-application process between dealers and lenders. The partnership allows for data to be easily transmitted between a dealership’s DMS and a lender, as there will be only one entry point used. As such, dealers don’t have to do replicate entries of their data for different systems.  
“We are extremely excited about our partnership with Open Dealer Exchange and what it will mean for lenders and dealers throughout Canada,” said PowerBand chief executive officer Peter Rakoczy.
“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,” he continued.
Steve Luyckx, general manager for Open Dealer Exchange, added: “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.
“For Canadian dealers that means the most effective access to PowerBand’s established network of lenders,” he concluded.