VINtek Continues Growth in Second Quarter

PHILADELPHIA--VINtek (www.vintek.com), a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, announced that its revenue increased 44 percent in the second quarter of 2009 over the same period in 2008.

Currently 762 financial institutions nationwide use VINtek’s automotive collateral management services for their automotive finance business, 44 of which chose VINtek during the second quarter. Since January 80 lenders of all sizes have selected VINtek services.

“As automotive lenders look for ways to increase their profit margins, they realized that moving to electronic processes lowers costs and improves efficiency in collateral management,” said Larry Highbloom, president of VINtek. “In the current risk climate, automotive lenders are appropriately concerned about ensuring the perfection of their liens on automotive assets and, more specifically, the vehicle title. In growing numbers lenders are realizing title administration is not their core competency so they are turning more of that responsibility over to VINtek via our business process outsource division.”

VINtek provides automotive lenders with collateral management services including electronic lien and title (ELT) technology, a “green” initiative that replaces paper titles with digital data for lienholders and business process outsource (BPO) administration of automotive collateral.

About VINtek

Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. 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. For more information, visit www.vintek.com.