BMW Group Financial Services Partners With Open Dealer Exchange to Create Industry-First for eContracting Within Its Dealerships
One-Stop Contract Validation and eContracting Services Streamline Automotive Lending Process within Dealer Workflow
WOODCLIFF LAKE, N.J., June 23 /PRNewswire/ -- BMW Group Financial Services has announced an agreement with Troy, Michigan-based Open Dealer Exchange, LLC, enabling the captive finance arm of BMW Group to provide contract data integration services, including paperless eContracting and contract data validation, directly through Open Dealer Exchange to BMW retailers in North America. The fully functional solution for electronic contract validation is an industry-first, as it provides one single process for the sale of retail and lease vehicles for new as well as pre-owned and certified pre-owned. This solution allows for more efficient integration by utilizing the different dealer management system (DMS) providers in the industry.
Currently, Open Dealer Exchange connects BMW Financial Services dealer management software providers, including Automatic Data Processing (ADP) and Reynolds and Reynolds, to send credit application data. The expanded partnership will allow automotive dealers to fully complete an accurate and electronic contract by interfacing directly with BMW Financial Services through their own DMS versus going through a third-party portal.
According to Shaun Bugbee, Vice President of Sales and Marketing for BMW Group Financial Services, forward thinking for the brand's dealers, especially in relation to point-of-sale, has always been a top priority. "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. Open Dealer Exchange helps BMW Financial Services to retain a premium process for a premium brand," stated Bugbee.
The eContracting initiative began rolling out for BMW dealers in five states earlier this year, including Illinois, Maryland, New Jersey, New York and Pennsylvania. Texas and Michigan area BMW dealers began using the new system last week, with those in California and Florida scheduled for use by September 2010. Additionally, BMW Financial Services has targeted dealers in a total of 17 states for eContracting by the close of 2011.
"Open Dealer Exchange's electronic contracting services will allow BMW Financial Services to have a completely green and paperless process in-house," said 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."
Additionally, data integration through Open Dealer Exchange enables BMW Financial Services to cut costs by reducing errors within the contract prior to the customer leaving the dealership, saving time and money for the dealer and improving customer satisfaction.
Open Dealer Exchange provides lenders the ability to reduce costs and speed to market by offering a one-stop, standards-based integration into a dealership's dealer management system.
About BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing efforts of BMW of North America. Since then, the group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit.
BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The group also provides financing to BMW dealers for expanding dealership capabilities and enhancing overall operations. With more than $30 billion in serviced assets and 850,000 automotive lending customers, BMW Group Financial Services finances about half of the BMWs sold or leased in the United States.
BMW Group Financial Services employs nearly 1,000 people, including consultants and temporary workers, most of whom are located in the Hilliard, Ohio Customer Service Center.
In 2001, the MINI Financial Services division was established to provide support for the brand's dealer and customer networks by offering various financing and leasing options. Alphera Financial Services was established in 2006 to provide financial services to dealers who are not part of the BMW and MINI networks.
BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly-owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer, is also part of BMW Group Financial Services.
Information about BMW Group products is available to consumers via the Internet at:
About Open Dealer Exchange, LLC
Open Dealer Exchange enables providers and finance sources to embed their offerings into point-of-sale (POS) systems used by automotive dealers to conduct business both in the showroom and the business office. A joint venture between Automatic Data Processing, Inc. and the Reynolds and Reynolds Company, Open Dealer Exchange exists to improve the overall F&I process within automotive retailers throughout the United States and Canada.
More information about Open Dealer Exchange can be found at www.opendealerexchange.com
SOURCE Open Dealer Exchange
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