WOODCLIFF LAKE, N.J. – BMW Group Financial Services has announced an agreement with Troy, Mich.-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 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," Bugbee said. "Open Dealer Exchange helps BMW Financial Services to retain a premium process for a premium brand."
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.
