ADP, Reynolds Join to Create New Company
DETROIT — ADP and Reynolds and Reynolds this week unveiled what they hope will be another successful collaboration with the goal of enhancing the loan origination process via a new company, Open Dealer Exchange.
Officials described Open Dealer Exchange as a company that can improve operational efficiencies and boost brand value thanks to a better integration of the dealer's current point-of-sale system. They explained that automotive, truck and power sports dealers all can use this new product to conduct transactions at several places, including the showroom, desk, F&I office or online.
Open Dealer Exchange executives contend that currently these processes have to be done with separate systems. Dealers often need one system for credit processing and yet another for the point-of-sale transaction processing in F&I. The company reiterates that Open Dealer Exchange can combine these processes, enhancing the transaction progression for all stakeholders.
According to ADP and Reynolds, this new company is based upon their Computerized Vehicle Registration model. CVR was rolled out in 1992 with the intention of streamlining the vehicle registration process to benefit the dealer, the state and the customer.
ADP and Reynolds pointed out that CVR is utilized by more than 9,000 dealers in 24 states, adding that the process saves the customer a trip to the local DMV office while boosting the efficiency of the sales process for dealers.
Because of the success of CVR, Open Dealer Exchange executives have high hopes for this new partnership.
"We believe that this joint venture will support our current mandate of streamlining the sales process for automotive, truck and power sports retailers," explained Marty Zwolan, vice president of sales and operations for Open Dealer Exchange.
"Open Dealer Exchange will be able to provide a better sales process for the consumers, finance sources and dealers by acknowledging that vehicle financing is no longer just an F&I transaction," Zwolan went on to highlight. "The vision for this company will be to transform traditional finance source — dealer relationships to help close and fund more deals."
The vision Zwolan described is what Open Dealer Exchange wants to blossom into a trio of benefits for dealers. The advantages he included were improvements to the sales process for increased profitability, a wider array of lending options and an enhanced buying experience for the customer.
Although Open Dealer Exchange is a partnership between ADP and Reynolds, each company pledged to remain fierce competitors in the industry.
"ODE is an open platform and will deliver integration and related services to non-ADP and non-R&R dealer system providers, other finance sources that serve auto and truck retailers, and other portal finance source networks," Zwolan concluded.
For more information, visit www.opendealerexchange.com.