PHILADELPHIA--March 8, 2013: VINtek, a provider of collateral management services, electronic lien and title (ELT) services and direct finance processing for automotive lenders, reported a 28 percent increase in new customer signings in 2012. The new clients represent an estimated 30 percent increase in recurring revenue over client sales in 2011.
“We are proud to play a role in the increased adoption of ELT nationwide. Lenders in the 18 operable ELT states are seeing the benefits of switching to an electronic lien process and this is what we hope to bring to more states in 2013 and beyond.”
Many of VINtek's new clients signed on for ELT services due to the rapid expansion of ELT across the country. ELT replaces the traditional paper-based lien transaction between lenders and DMVs with an electronic data transmission, eliminating the need to issue and mail a paper title. In anticipation of the impact of Georgia legislation requiring lienholder participation in the Georgia Department of Revenue's ELT program in 2013, VINtek signed eight out of the top 10 credit unions in the state. VINtek also saw significant client growth in Florida with that state's move to required ELT participation by lienholders.
In 2012 four state lending associations endorsed VINtek for ELT services, including The League of Southeastern Credit Unions, Credit Union Association of the Dakotas, Community Bankers Association of Georgia and the South Dakota Bankers Association.
"The substantial growth VINtek experienced in 2012 can be seen as a continued commendation of our products and the hard work of the entire VINtek team," said Larry Highbloom, president of VINtek. "We are proud to play a role in the increased adoption of ELT nationwide. Lenders in the 18 operable ELT states are seeing the benefits of switching to an electronic lien process and this is what we hope to bring to more states in 2013 and beyond."
About VINtek: In its 23rd year, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. Through its offices in Philadelphia, Las Vegas, Sacramento, Calif., and Troy, Mich., VINtek helps lenders increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with collateral management through the introduction of innovative consumer loan servicing technologies. VINtek holds two U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services.