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

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(TM), 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. 
Media Contact
Michelle Benko
ADP Dealer Services, Inc.
847.485.4389
Michelle.Benko@adp.com 
 
 
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