TAMPA, Fla -

Open Dealer Exchange, the joint venture of ADP Dealer Services and Reynolds and Reynolds, has attempted to streamline the vehicle-buying process with Digital Deal, which includes electronic methods geared to standardize the industry and assist lenders in adhering to Consumer Financial Protection Bureau regulations.

ODE officials highlighted Digital Deal can provide an extensive level of security not available with paper documents by giving lenders 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.

The company contends the solution can also instill confidence in consumers due to knowing the vehicle-buying process is standard.

ODE general manager Steve Luyckx acknowledged that while extensive paperwork has been a mainstay of vehicle purchases, modern technology has forged a new trail. Luyckx contends a time is coming when traditional filing cabinets are superseded by cloud files.

According to Luyckx, the solution to ensuring compliance is straightforward. As a preventative option, he said lenders and dealers 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,” Luyckx said.

“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 continued.

And Luyckx believes Digital Deal is the tool that can accomplish those goals.

“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,” he went on to say.

ODE officials will attend the American Financial Services Association’s Vehicle Finance Conference in New Orleans beginning on Jan. 22 and will be open to interviews and demonstrations.

For more information, visit www.opendealerexchange.com.