BROOMFIELD, CO & AUBURN HILLS, MI – February 07, 2008 – VW Credit, Inc. (VCI) a wholly owned subsidiary of Volkswagen Group of America, Inc., and Oxlo Systems Inc., the operator of the leading Dealer Integration Network, are announcing the launch of FinanceSource, a real-time dealer system integration for credit applications and decisions. The initiative, which allows VW, Audi and Bentley dealers the opportunity to submit credit applications and receive credit decisions entirely within their own computer systems, is being deployed for the first dealer this week, just nine months from the day development began. FinanceSource will be made available to all VCI dealers in the near future.
“In this hyper-competitive market, it was imperative for VCI to deliver the first phase of FinanceSource integration to our dealers as quickly and flawlessly as possible,” said Jens Peter Thomsen, VCI CIO. “Oxlo’s professional approach, methodical execution and attention to detail allowed us to plan, design, implement and roll-out FinanceSource exactly according to our schedule.”
“Implementing new dealer integration initiatives for automakers and their captive finance organizations is our core expertise, so VCI’s FinanceSource initiative was a perfect fit for Oxlo,” said Dan Seats, Oxlo COO. “Our Dealer Integration Network provides VCI and its dealers a seamless, reliable and secure platform for financing vehicle sales.”
Oxlo’s experience with dealer systems integration and the process and tools used to connect dealer systems with automaker systems provided a ready-made platform for VCI, saving time and expense. FinanceSource will be expanded in a second phase to 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 integration network solutions streamline the shared business processes associated with selling, servicing, and auto financing through dealer software application integration. Oxlo automotive 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. The Oxlo Dealer Integration Network transacts global secure e-business over the Internet for over one 2000 dealerships across eight countries.
About Oxlo Automotive Solutions
Application Integration Solutions for Automotive Retail