Dearborn, Mich. - Open Dealer Exchange, LLC has acquired the Provider Exchange Network (PEN) from MenuVantage, LLC. This popular network service enables F&I product providers to transmit rates and receive contract information from any participating dealer system.
The service is currently in use by 60 leading providers of finance and insurance products such as service contracts, extended warranties, insurance, and wheel and tire protection. PEN streamlines the F&I process by enabling integration between the provider and the dealer's point-of-sale (POS) system.
Mark Virag, former CTO of MenuVantage, is now managing director of PEN. "This is a unique industry opportunity to complete our vision of electronic contracting," he said. "With the new ownership, we can deliver rating and contracts to every dealer in North America."
Open Dealer Exchange is committed to integrating PEN functionality into ADP Drive and Reynolds ERA and POWER systems and any other dealer management system, in addition to continuing support for MenuVantage.
Benefits to F&I providers include: accurate rating with real-time updates, online forms distribution, online contract origination, and electronic signature. PEN is currently handling thousands of transactions per day through MenuVantage, and Open Dealer Exchange anticipates a rapid increase in volume due to the additional POS participants.
