Tag Archive | "PEN"

Mechanical Breakdown Protection, Inc. Partners with Provider Exchange Network


LEE’S SUMMIT, Mo. – Mechanical Breakdown Protection, Inc. (MBPI), a top rated administrator, is pleased to announce a partnership with Provider Exchange Network (PEN). This innovative technology cuts costs, increases efficiency, and adds a new element of customer satisfaction. This partnership will help the F&I office increase sales penetration and improve dealer and customer satisfaction by decreasing customer delivery time.

PEN is an electronic data exchange that streamlines the sales process by integrating the F&I product provider with the dealer’s point-of-sale system, whether through a menu or directly with the dealership management system (DMS) desking software. This unique integration approach eliminates the need for separate applications to enable eContracting for aftermarket products. Functions include electronic ratings, forms preparation and contract origination.

“MBPI’s new partnership with PEN will allow dealerships a new and effective way to offer our wide range of F&I products to the consumer. It will also eliminate the need for double entry, which makes life easier for F&I Managers.” – Barry Kindler, MBPI National Sales Manager

To learn more about MBPI, visit the website at mbpnetwork.com.

To learn more about PEN, visit the website at www.providerexchangenetwork.com.

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OptionSoft Technologies Integrates with Provider Exchange Network


CLIFTON PARK, N.Y. – OptionSoft Technologies Inc., a provider of Automotive Finance software, announced today that it has completed integration with Provider Exchange Network(PEN). This integration will allow OptionSoft to better serve thousands of dealers via PEN’s streamlined electronic rating, forms and contract booking connection.

PEN is an electronic data exchange that streamlines the sales process by integrating the F&I product provider with the dealer’s point-of-sale system, whether through a menu or directly with the dealership management system (DMS) desking software. This unique integration approach eliminates the need for separate applications to enable full electronic contracting for aftermarket products. Functions include electronic ratings, forms preparation and contract booking.

“Integration to PEN allows OptionSoft to become more responsive to our clients with more efficiency,” said Ken Tomaro, President of OptionSoft Technologies. “Our dealers benefit through access to PEN’s network of VSC and Ancillary product providers. OptionSoft benefits through reduced administration, allowing us to focus on our dealer facing products.
To learn more about OptionSoft Technologies Inc., visit their website atwww.otiservices.com or call 1-866-684-6368.

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Open Dealer Exchange: Digital Files Reduce Noncompliance Risk


Tampa Bay, Fla. — To alleviate compliance issues associated with the Consumer Financial Protection Bureau (CFPB)’s targeting of the auto finance sector, Open Dealer Exchange (ODE) issued a press release encouraging finance sources to consider using electronic methods to standardize the industry.

ODE has streamlined the auto-buying process with its Digital Deal, which company officials said can assist in adhering to the CFPB’s call for “openness and transparency.” Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has the authority to take action against lenders engaging in unfair, deceptive, or abusive practices. Noncompliance with CFPB rules could result in millions of dollars in fines and penalties, even lawsuits.

As auto lenders are subject to the CFPB investigative and enforcement authority, ODE officials said the Digital Deal provides an extensive level of security not available with paper documents. It provides lenders with the ability to flag and see possible discriminatory selling practices unwittingly committed due to human error — in addition to eliminating errors in data entry, missing signatures, missing documents and contract mistakes to name a few.

Steve Luyckx, ODE general manager, said that while extensive paperwork has been a mainstay of car purchases, modern technology has forged a new trail. He said he anticipates a time when traditional filing cabinets are superseded by cloud files.

“ODE is a vanguard for consumer protection in the auto industry because it does away with the high probability of human error — which consequently revolutionizes the [car buying] experience, eliminating two-thirds of the added time in the sales cycle and providing data-security vigilance,” Luyckx said. “Automated documents not only help lenders reduce the risk of noncompliance, but they are also more easily protected from fraud, identity thieves and natural disasters than their paper counterparts. The security can’t be argued.”

According to Luyckx, lenders should consider making internal operations 100 percent paperless. If noncompliance is suspected, a CFPB investigation will likely be broad-ranging, covering every aspect of lending operations, from advertising and marketing to loan underwriting and pricing to servicing, collection, repossession and credit reporting. Condensing all relevant information and making it easily accessible could go a long way in securing a positive outcome if an investigation is initiated, he claimed.

ODE consists of two separate divisions: Lender Services and Provider Exchange Network (PEN). ODE’s Lender Services division focuses on the relationship between the automotive lender and the dealership’s main computer system, the dealer management system (DMS).

ODE enables lenders to become more integrated into a dealer’s workflow throughout the entire vehicle purchase experience, including data validation services, electronic forms, eVaulting and funding packet transfers.

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IAS Partners with ADP


Austin, Texas – IAS, a provider of F&I aftermarket programs to automobile dealerships, is making its full line of ancillary products available through the ADP F&I product rating and contracting solution. The solution serves as a digital pipeline that connects the dealer management systems (DMS) directly to IAS products via the Provider Exchange Network. This free solution helps F&I managers rate and contract F&I products and services instantly within a deal.

ADP’s F&I product rating and contracting simplifies the process, allowing the F&I manager to stay focused on closing the deal and ensuring that the transactions have the most accurate pricing and data thereby reducing F&I income adjustments. Additionally, the system provides flexible printing options via a laser printer, eliminating the need to store three-part forms and ensuring that the customer always receives the most current form language.

“Right now the F&I manager has to leave the deal screen and take his or her attention off of the customer in order to either flip through a manual or search an external Web site for data that is sometimes not even accurate,” said Matt Nowicki, vice president of retail software, IAS. “Plus, since the integration connects directly to IAS at the time of sale, customer data is available to claims representatives immediately upon sale in the event of a claim. And that allows both IAS and our dealerships to provide the unprecedented levels of customer service.”

“In an increasingly competitive marketplace, dealers who provide the best customer service will win the most deals.” said Bob Corbin, president and CEO, IAS. “IAS dealers will have immediate access to more accurate information and we will be able to supply dealers updated, real time data. This allows them to focus on their customers with will ultimately not only increase profits, but also enhance the customer’s dealership experience.”

The company announced a similar collaboration with Reynolds & Reynolds DMS last year. The solution free to dealers with ADP Drive 1.5 or higher.

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iTapMenu Launches F&I Product Rating with Provider Exchange Network


Southfield, Mich. – Provider Exchange Network (PEN), a division of Open Dealer Exchange LLC, has integrated with the F&I mobile menu, iTapMenu. The iTapMenu will now feature electronic rating via PEN.

“We couldn’t be more excited about the partnership with Provider Exchange Network,” said Ozan Selcuk, vice president of iTapMenu. “Easy and accurate product rating is essential to our customer interactive solution for our auto dealers. PEN’s network of F&I Product Providers helps iTap focus on our (r)evolutionary solution, eliminating errors and enhancing the F&I experience for everyone involved.”

Dealers using iTapMenu will now be able to rate F&I products instantly and push them directly into the menu. The F&I manager will be able to select any available rate for the product with real-time changes to the different re-payment options.

“iTapMenu is a great organization with a fast-growing dealer base,” said Ron Greer, vice president of PEN. “Innovations using mobile technology is another great example of the ever-changing experience of F&I at auto dealers, and further demonstration of the flexible and open network of Open Dealer Exchange.”

PEN is an electronic data exchange that streamlines the sales process by integrating the F&I product provider with the dealer’s point-of-sale system, whether through a menu or directly with the dealership management system (DMS) desking software. This unique integration approach eliminates the need for separate applications to enable eContracting for aftermarket products. Functions include electronic ratings, forms preparation and contract origination.

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Fidelis PPM Integrates with Provider Exchange Network


Southfield, Mich. – Fidelis PPM and Provider Exchange Network (PEN), a division of Open Dealer Exchange LLC, completed integration to offer dealers the ability to rate and contract for Fidelis F&I products directly through leading finance desking software for auto dealers.

The connectivity to PEN enables F&I aftermarket product e-contracting directly from the auto dealer software. Embedded into the system, e-contracting functions eliminate the need for the dealership user to access multiple applications or re-enter critical deal data in order to complete the transaction. This technology supports dealers using Reynolds and Reynolds and ADP applications, as well as other leading electronic menu systems.

“The connection to PEN helps Fidelis PPM bring our innovative products to dealers and consumer is the easiest most efficient manner,” said Ryan Williams, executive vice president, Fidelis PPM. “Fidelis continually strives to be a premier business partners to dealers and the flexibility of PEN allows us to focus on other value services.”

“Fidelis PPM is a fast growing and innovative company,” said Ron Greer, vice president, Provider Services, PEN. “We are glad they joined our growing network to help the entire supply chain make selling and servicing product sales more accurate and easier for all.”

PEN is an electronic data exchange that streamlines the sales process by integrating the F&I product provider with dealers’ point-of-sale systems, whether through a menu or directly with the DMS. This unique integration approach eliminates the need for separate applications to enable e-contracting for aftermarket products. Functions include electronic ratings, forms preparation and contract origination.

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