Tag Archive | "dealer management software"

Closed Deal Announcement – Peakstone Advises The Oak Group on Strategic Alliance with Total Warranty Services, Inc.

The Oak Group has entered into a strategic alliance partnership with Total Warranty Services, Inc. (“TWS”) of West Palm Beach Florida.

Founded in 1975, The Oak Group (including its related affiliates) is a leading master general agency and third-party administrator of vehicle service contracts (“VSCs”) and related ancillary products sold through automotive dealerships nationwide. Oak’s managing principals, Steve Pearl and John Peterson, are two of the most respected industry leaders in the Automotive F&I industry and pioneers in product innovation in the F&I marketplace. They have built a highly successful agency that is also a leader in reinsurance, providing customized programs for automotive dealerships.

“Peakstone’s dedicated Auto F&I practice team, led by Brad Curtis, delivered us a terrific outcome and found us a great strategic partner to extend upon our longstanding reputation as a leader and innovator in Auto F&I products and administration,” said Steve Pearl. “Peakstone developed and executed on a highly targeted strategy and led every aspect of the process in a highly efficient and discrete manner and brought us a partner in TWS that will greatly benefit Oak’s customers by bringing additional strategic resources to the Oak platform,” Pearl said. John Peterson, added, “Peakstone delivered us numerous strategic options that enabled us to select the best partner for Oak employees and stakeholders for accelerated growth. We are extremely pleased with the result and we could not have found a better partner in TWS to build upon the Oak franchise.”

Peakstone has a dedicated practice covering the Automotive Finance & Insurance industry and has completed numerous transactions in the sector.

The Peakstone Group served as exclusive financial advisor to The Oak Group in connection with this transaction. Terms of the transaction were not disclosed.

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Open Dealer Exchange Partners With PowerBand Global

TROY — Open Dealer Exchange LLC has partnered with Burlington, Ontario-based PowerBand Global Inc., a provider of vehicle acquisition and disposal services as well as a finance portal. The partnership will enable automotive lenders in Canada to receive credit applications and send credit decisions seamlessly to the dealership’s dealer management system (DMS).

Open Dealer Exchange, a joint venture between Automatic Data Processing Inc. (ADP) and the Reynolds and Reynolds Company, streamlines the automotive finance process by providing a seamless and integrated user experience within the DMS environment, without the use of hostile and costly third-party interfaces. This ultimately results in improved operational efficiencies, reduced costs and increased customer and dealer satisfaction, F&I and Showroom reported.

“We are extremely excited about our partnership with Open Dealer Exchange and what it will mean for lenders and dealers throughout Canada,” said Peter Rakoczy, PowerBand Global CEO. “Our complementary offerings and combined technology expertise will offer our clients a seamless, accurate and timely way to send and access critical transaction data directly from the DMS.”

With unprecedented access to the DMS through Open Dealer Exchange, PowerBand Global will be able to more efficiently facilitate credit applications between dealers and lenders. Dealers will no longer have to duplicate data entry between systems. Data will flow easily back and forth between the DMS and the lender with just one point of entry.

“Our direct connection to ADP and Reynolds and Reynolds DMS systems will enable PowerBand to take their credit application and contracting services to a level that is unparalleled in the industry,” says Steve Luyckx, general manager for Open Dealer Exchange. “For Canadian dealers that means the most effective access to PowerBand’s established network of lenders.”

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DataCube Integrates With DealerTrack’s DMS

SWEDESBORO, N.J. — The DataCube, a division of Dominion Dealer Solutions, has formed a partnership with software provider DealerTrack, and created the integrated solution OpenTrack software, which interfaces with the DealerTrack Dealer Management System (DMS).

Using its OpenTrack integration solution, DealerTrack will provide The DataCube with seamless, secure integration and real-time, bi-directional access to data in the DealerTrack’s Arkona DMS.

“Utilizing The DataCube and its OpenTrack integration, we now can explore real-time inventory integration from the DMS to consumer-facing Web sites such as XIGroup, Dealerskins or Dealer Specialties,” said Glen Garvin, group general manager, Dominion Dealer Solutions. “This is a win-win for dealers, giving dealers the flexibility to use best-in-class solutions, while providing third-party vendors such as The DataCube with secure, bi-directional integration.”

The DataCube provides a software solution for companies that assist dealers in marketing and utilizing their DMS data.

“With OpenTrack, we are truly delivering on our promise to the marketplace that the DealerTrack DMS is an open and cost-effective platform,” said Raj Sundaram, senior vice president, solutions and services group at DealerTrack.

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