Real-time credit decisioning rolled out in nine months
BROOMFIELD, Colo. and AUBURN HILLS, Mich., Feb. 7 /PRNewswire/ -- 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
leading Dealer Integration Network. Oxlo's network streamlines the shared
business processes associated with selling, servicing, and financing vehicles
by integrating the software applications of dealers and automakers. The Oxlo
solution enables tighter collaboration between business partners resulting in
superior retail performance. For more information, please visit
http://www.oxlo.com. For perspective on emerging trends and issues affecting
the market, visit Oxlo Observer at http://oxlo-observer.typepad.com.
SOURCE Oxlo Systems Inc., VW Credit, Inc.
Chris Westfall of Oxlo Systems Inc., +1-303-885-6433, chris.westfall@oxlo.com;
or Hans Bremer of VW Credit, Inc., +1-847-371-4119
