BROOMFIELD, CO & AUBURN HILLS, MI – September 06, 2007 – Oxlo Systems Inc., the operator of the leading Dealer Integration Network, has announced that they will provide a major, new electronic communications interface for VW Credit, Inc.’s FinanceSource system. FinanceSource is replacing VCI’s current Dealer Extranet system used by Volkswagen, Audi and Bentley dealers in the United States and Canada. The first phase of FinanceSource will facilitate the automated submission and decision approval process of credit applications, improving customers’ retail experience and shortening the overall financing process.
“This will help our Volkswagen, Audi and Bentley dealers improve the overall dealership finance experience by allowing them to complete the credit process entirely within their chosen dealer management system,” said Hans Bremer, VCI Credit and Funding general manager. “We have begun implementation of these next-generation dealership finance enhancements and will be rolling them out beginning in early 2008. Additional dealer system providers will be invited to participate over the next few months.”
“Oxlo’s aim is to simplify and enhance business processes, such as vehicle finance, through real-time, bi-directional business process integration,” says Jim Lejeal, Oxlo CEO. “Through FinanceSource we will work to deliver improved business performance to both VW Credit, Inc. and its dealers.”
The FinanceSource system will enable dealers to submit credit applications and receive credit decisions directly from their DMS or F&I systems, saving time and expense. The second phase of the FinanceSource rollout will support contract validation and electronic contracting.
ABOUT VW CREDIT, INC.
VW Credit, Inc. (VCI), a wholly owned subsidiary of Volkswagen Group of America, Inc. (VWGoA), was founded in 1981 to function as the financial service arm of VWGoA and is affiliated with Audi of America, Inc. and Bentley Motors, Inc. VCI, a captive finance company, services Volkswagen, Audi and Bentley customers, authorized automotive dealers and their affiliated stores as Volkswagen Credit, Audi Financial Services and Bentley Financial Services. The company provides competitive financial products and services to dealers and their customers in the United States.
ABOUT OXLO SYSTEMS INC.
Oxlo Systems Inc., based in Broomfield, Colorado is the operator of the Open Dealer Integration Network (ODIN™) for the Automotive industry. Oxlo Dealer Integration Network solutions streamline the shared business processes associated with selling, servicing, and financing vehicles by integrating the software applications of dealers with automakers and lenders. Oxlo solutions enable robust collaboration between dealer system provider software, automaker retail integration systems, and lender finance systems and and accelerate the adoption of STAR standards. Oxlo networks transact global secure e-business over the Internet for over 2000 dealerships across eight countries.
About Oxlo Automotive Solutions
Application Integration Solutions for Automotive Retail