Open Dealer Exchange will expand into a new facility in Farmington Hills, the Michigan Economic Development Corporation announced today.
LANSING, Mich. – Open Dealer Exchange, a provider of digital solutions to the vehicle loan process, will expand into a new facility in Farmington Hills, the Michigan Economic Development Corporation announced today.
The project is expected to generate a total capital investment of $3.9 million and create 50 jobs, resulting in a $350,000 Michigan Business Development Program performance-based grant from the Michigan Strategic Fund. Michigan was chosen over competing sites in California and Texas.
“Open Dealer Exchange’s expansion here rather than in other states means good jobs for Michigan residents and underscores the strength of our business environment and talented workforce,” said Jeff Mason, CEO of MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF.
“The decision by Open Dealer Exchange to invest in Michigan offers further evidence of our commitment to helping companies grow and generate new jobs for our residents,” said Mason.
Founded in 2009, Open Dealer Exchange is a joint venture between CDK Global (formerly ADP Dealer Services) and the Reynolds and Reynolds Company. CDK Global is the largest global provider of integrated information technology and digital marketing solutions to more than 26,000 retail locations and manufacturers around the world. The Reynolds and Reynolds Company is a leading provider of integrated solutions that help auto retailers manage change and improve profitability. Open Dealer Exchange was created to deliver digital solutions to the vehicle loan process to all dealer system providers and finance sources that serve auto and truck retailers and power sports and recreational vehicles.
Over the years, Open Dealer Exchange has grown into three distinct business units all focused on improving the Finance and Insurance (F&I) function within dealerships:
- Deal Exchange – enables fully electronic transactions between dealers and their network of lenders,
- Provider Exchange Network (PEN) - allows all aftermarket product providers to connect to dealers' preferred point-of-sale systems,
- 700Credit - the leading provider of credit bureau, compliance, prescreen and consumer pre-qualification tools for the automotive retail market.
The company is experiencing a period of significant growth and plans to lease a 25,000-square-foot building in the city of Farmington Hills that will allow room for continued growth. The new facility will incorporate state-of-the-art technology and will provide a collaborative and dynamic work environment designed to maximize employee satisfaction.
The project is expected to generate a total capital investment of $3.9 million and create 50 managerial, sales, professional, and clerical jobs, resulting in a $350,000 Michigan Business Development Program performance-based grant.
The city of Farmington Hills is offering event center space for a job recruitment fair. For information about careers with Open Dealer Exchange, visit http://www.opendealerexchange.com/about-open-dealer-exchange/careers.html.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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