Welcome!

News Feed Item

ADP Delivers the Automotive Industry's First Completely Electronic End-to-End, Dealer to Lender Financing Process Solution

Volkswagen Credit and Audi Financial Services Become the First Manufacturer's Captive Finance Arms to Successfully Execute a Fully Electronic Financing Process Between Dealer and Lender

CHICAGO, IL -- (Marketwire) -- 02/09/13 -- ADP Dealer Services, a leading provider of technology-based solutions for vehicle dealers, today announced the successful integration and deployment of its CRM, credit application, compliance, contract validation, and digital contracting solutions with Volkswagen Credit, Inc's FinanceSource™, an integrated, credit, funding, pricing, and imaging solution for North American VW and Audi dealers. FinanceSource is the only currently available entirely electronic finance solution operating between dealers and lenders on a wholly integrated, single platform.

With FinanceSource, Volkswagen Credit (VCI) and Audi Financial Services (AFS) are able to provide F&I Managers with the ability to electronically submit financing deal terms and receive an immediate confirmation from the lender of the validity of those terms. This helps simplify the F&I process by eliminating data re-entry, reducing problem deals and re-contracting, and enabling faster receipt of documents.

Last November, an important milestone was reached when an Audi dealer in California successfully submitted the first fully electronic vehicle financing documents using ADP's Digital Contracting and VCI's FinanceSource technology. The success of VCI's FinanceSource eDocuments pilot puts VCI/AFS on track to be the first manufacturer-owned lender using a completely digital F&I contract process solution across its dealerships, utilizing ADP's and Open Dealer Exchange's Credit Application Integration, Contract Validation and Digital Contracting (Electronic Documents).

"With a Contract Validation mechanism in place, F&I managers can check the accuracy of any contract, before it's signed and submitted to the lender, to better ensure it meets the lender's requirements," said Paul Rindone, ADP's Division Vice President, Financial Services. "That means contracts get funded right the first time, improving the customer's experience, and improving cash flow for the dealers."

Using Contract Validation, a Volkswagen dealer can submit a deal to VCI, and within seconds, the F&I Manager will receive a validation summary, reflecting any out-of-balance variables that would cause an otherwise submitted contract to be rejected or receive a lower reserve. This all occurs before the customer signs the deal, so the F&I Manager can recognize and correct non-compliant contracts immediately. Most compliant deals will then be funded within one business day.

Validated contracts can be presented and signed electronically by consumers by using a tablet. Complete funding packets then are transmitted electronically to VW Credit for approval in minutes. The electronic transmission and approval eliminates the error-prone faxing process that exists with today's eContracting products.

"This integrated solution will help our Volkswagen dealers improve profitability and the overall sales experience by creating a more efficient and smooth funding process," said David Wicks, Audi Financial Services Vice President of Sales and Marketing.

"This was many years in the making, and we're so pleased that it is finally coming to fruition, because we believe it will really speed up the process and help make it a more error free process", said Rindone.

About ADP

ADP, Inc. (NASDAQ: ADP), with more than $10 billion in revenues and approximately 600,000 clients, is one of the world's largest providers of business outsourcing solutions. Leveraging over 60 years of experience, ADP offers a wide range of human resource, payroll, tax and benefits administration solutions from a single source. ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's website at www.ADP.com.

About Open Dealer Exchange
Open Dealer Exchange, LLC is a technology leader within the automotive F&I process for bringing together lenders and F&I product providers with their dealership partners by incorporating their offerings directly within a dealership's dealer management system (DMS). By providing a direct connection into the DMS, Open Dealer Exchange virtually removes the need for the dealer to leave their system-of-record during the F&I process. This innovative process results in increased operational efficiencies, reduced contract errors, and a more streamlined process with a lender or provider's franchised dealerships.

Founded in January 2009, the company is a joint venture between ADP Dealer Services, Inc., one of the world's largest providers of business outsourcing solutions, and The Reynolds and Reynolds Company, a leading provider of integrated solutions that helps automotive retailers manage change and improve their profitability. The company was created in an effort to transform the traditional automotive financing model in which dealerships leave their system-of-record during the credit process to a more streamlined model all within the DMS.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Media Contact
Michelle Benko
ADP Dealer Services, Inc.
847.485.4389
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessio...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...