CUDL, OVE.com & GE Capital Fleet Services to Launch Online Dealer Buying Network

Along with a separate alliance with Open Dealer Exchange, CUDL, administrators of one of the nation’s largest auto lending network for credit unions, recently announced a new initiative with Manheim’s OVE.com and GE Capital Fleet Services.

As a result of the new initiative, officials highlighted CUDL, OVE.com and GE Capital Fleet Services will cooperate to further expand GE’s remarketing channels and to offer to CUDL’s dealer network a new online vehicle buying program.

The new platform is slated to be rolled out during the second quarter.

Officials explained the new program will provide GE Capital Fleet Services with an upstream remarketing channel for its broad mix of quality vehicles that closely mirrors the in-lane buying experience, including robust bidding activity, as well as incentives for buyers.

At the same time, officials added the program will provide CUDL’s extensive dealer network the opportunity to bid in an online environment for selected GE Capital Fleet Services vehicles.
 
“Teaming with Manheim and GE Capital Fleet Services to offer this online vehicle buying opportunity adds an important component to our lending platform,” said Brent Hollingsworth, national director of strategic alliances at CUDL.

“Through this unique program, our dealer partners will have access to premier used car inventory online with this simplified method for buying vehicles,” Hollingsworth continued.

CUDL pointed out it has grown its national auto lending network to include 8,000 dealerships and 990 credit unions, serving more than 28 million members nationwide, reinforcing the important role credit union and dealer relationships are playing within today’s industry.

“We are excited about extending our relationship to CUDL’s network of dealers who are also Manheim customers,” shared Tom Nohstadt, vice president of commercial accounts at Manheim.

“Having our mutual dealer customers use our technology allows them to take advantage of the services and value that only Manheim and CUDL can offer while at the same time delivering to GE Capital Fleet Services the opportunity to augment its nationwide remarketing program with a strategic upstream channel,” Nohstadt stressed.

Paul Seger, vice president of asset remarketing for GE Capital Fleet Services, added, “Expanding our remarketing program to include an upstream channel with intense competitive bidding capabilities, extensive buyer exposure and buyer incentives makes a lot of sense for our diverse portfolio of vehicles. It’s a win both for our customers and for our buyers.”

Open Dealer Exchange to Integrate with CUDL

In other company news, Open Dealer Exchange recently reached an integration agreement with CUDL.

Through the new alliance, CUDL will be offering direct credit application and contract validation data integration from the dealer’s point-of-sale system directly to the CUDL system.

Officials contend the integration between lenders and dealers is fragmented and often times hostile and not necessarily secure. Because there is a break in workflow between a dealer’s internal dealer management system (DMS) and a lender’s back-end system, CUDL thinks the process is vulnerable to human errors with data entry, information syncing in multiple systems and improper security measures.