WOODCLIFF LAKE, N.J. — Initially rolled out to five states, BMW Group Financial Services and Open Dealer Exchange emphasized their ever-expanding relationship enables BMW dealers to enjoy paperless eContracting and contract data validation directly through Open Dealer Exchange.

They believe the solution can provide one single process for the retail sale or lease of new vehicles as well as contracts for certified pre-owned and used units.

The automaker pointed out the eContracting initiative opened for BMW dealers in five states earlier this year, including Illinois, Maryland, New Jersey, New York and Pennsylvania. The company indicated dealers in Texas and Michigan now have access with plans to make it available to franchise stores in California and Florida by September.

Additionally, BMW Financial Services has targeted dealers in a total of 17 states for eContracting by the close of 2011.

Currently, executives explained Open Dealer Exchange connects BMW Financial Services dealer management software providers, including Automatic Data Processing and Reynolds and Reynolds, to send credit application data. They stressed the expanded partnership can allow the brand dealers to complete an accurate and electronic contract by interfacing directly with BMW Financial Services through their own DMS versus going through a third-party portal.

Furthermore, the company insisted data integration through Open Dealer Exchange can enable BMW Financial Services to cut costs and help dealers, too. Management contends these objectives can be reached by reducing errors within the contract prior to the customer leaving the dealership, saving time and money for the dealer and improving customer satisfaction.

Shaun Bugbee, vice president of sales and marketing for BMW Group Financial Services, shared what he thinks is a top priority — helping forward-thinking dealers especially in relation to the point-of-sale.

"Partnering with Open Dealer Exchange not only extends customer satisfaction levels through time efficiency, but we also can create cost-efficiencies across the board through one centralized system" Bugbee stated. "Open Dealer Exchange helps BMW Financial Services to retain a premium process for a premium brand."

Open Dealer Exchange reiterated that it provides lenders the ability to reduce costs and speed to market by offering a one-stop, standards-based integration into a dealership's DMS.

"Open Dealer Exchange's electronic contracting services will allow BMW Financial Services to have a completely green and paperless process in-house," explained Steve Luyckx, general manager for Open Dealer Exchange.

"By converting to eContracting, BMW Financial Services receives completed retail installment contracts and lease agreements, along with the associated data faster, allowing them to reduce costs and provide quicker funding to the dealer," Luyckx concluded.