VINtek Surpasses 1000th Customer Milestone
PHILADELPHIA--VINtek, a provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, today announced that it has signed its 1000th customer and continues to add multiple clients a day across all lines of business, including ELT and outsourced automotive collateral management.
“ELT enables automotive lenders and state motor vehicle agencies to eliminate title postage, paper and storage costs, alleviate the errors and potential for fraud associated with paper titles and save time, leaving little doubt about its effectiveness”
VINtek’s customers range in size from small community-based credit unions and buy-here-pay-here dealerships, to top-tier banks. Four of the top five US banks and the largest credit union in the world use VINtek for their automotive collateral needs. The company’s ELT solution, VINtekTIME, has been a significant driver of customer growth as the use of electronic vehicle titles has continued to expand across the country. ELT enables lienholders to receive electronic titles from a state Department of Motor Vehicles (DMV), instead of traditional paper titles. Currently, 15 states have implemented an ELT program, with four of these having passed legislation mandating that lenders utilize the electronic title process.
“ELT enables automotive lenders and state motor vehicle agencies to eliminate title postage, paper and storage costs, alleviate the errors and potential for fraud associated with paper titles and save time, leaving little doubt about its effectiveness,�?? said Larry Highbloom, president of VINtek.
Another factor in the company’s growth has been the continued migration of automotive lenders to VINtek from other vendors. Due in part to its advanced technology and high quality, hands-on customer support, VINtek has successfully transitioned entire portfolios of paper and electronic titles from other vendors without impacting borrowers.
“VINtek’s ELT solution has taken market share because it is easy to use, reliable and incorporates the latest in data security and maintenance standards,�?? said Highbloom. “We have never lost an ELT record or had to resend previously sent data files. We continually enhance products to keep our customers on the leading edge of lending technology so that they remain the number one vehicle financing source for their customers and members. Our solutions are also backed by a support team that boasts more auto industry experience than any of our competitors, ensuring clients receive the best service for their needs from people who understand the business.�??
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.