PHILADELPHIA--June 25, 2013: VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced the signing of its 3,000th ELT customer.
“Hitting the 3,000 customer mark is an enormous complement of our products and the hard work of the entire VINtek team”
ELT replaces a paper title and lien with data exchanged electronically between a department of motor vehicles (DMV) and a lienholder. The cost savings and reduction in exposure to fraud is motivating a growing number of state legislators to implement ELT programs. To date, 19 states have implemented ELT programs, with Florida, Georgia and Wisconsin recently passing legislation requiring most, if not all lienholders to participate in their ELT programs. Iowa is the latest state to initiate implementation of an ELT program for lienholders.
VINtek has seen its customer base grow significantly because lenders are seeking the high level of customer satisfaction and reliability associated with the company's VINtekTIME ELT system. ELT saves significant time and money for financial institutions, as well as increases consumer satisfaction by automating parts of the lien release process.
"We were VINtek's first ELT client in 1997 when Pennsylvania introduced the program and have had a strong partnership for 16 years," said William Zysk, vice president of lending at $4.2 billion Pennsylvania State Employees Credit Union. "ELT has continued to create efficiencies in our organization and VINtek has been with us from day one."
"Hitting the 3,000 customer mark is an enormous complement of our products and the hard work of the entire VINtek team," said Larry Highbloom, president of VINtek. "The adoption of ELT continues across the country and we are proud to play a role in promoting the efficiency of ELT services to states and other stakeholders. VINtek remains focused on providing the highest level of ELT expertise to current customers and future automotive lienholder partners everywhere, which is evidenced by the retention of our very first customer for ELT services."
In its 23rd year, Philadelphia-based VINtek provides automotive collateral management services, ELT 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 enables lenders to increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with automotive 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.