VINtek Marks 2010 with Significant Growth and Expansion
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PHILADELPHIA--March 28, 2011: VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, reported 30 percent annual revenue growth in 2010, doubling its revenues since 2008. VINtek also signed nearly 700 new clients, a 435 percent increase in new customer contracts over 2009.
“ELT continues to expand across the United States as state DMVs and automotive lenders see the benefits of removing paper from the lien perfection process”
To accommodate its growth and expanding customer base of more than 1,600 lenders, VINtek opened two new offices in 2010 and added senior management with experience supporting more than six million consumer auto finance accounts. The investments also helped to support the exponential growth of VINtek's direct-to-consumer (D2C) lending platform, which has doubled its transaction volume each year during the past two years.
The growth in D2C included VINtek's introduction of a consumer auto finance lead generation website leveraging its Tax, Tag and Title Calculator, which began referring direct leads to lenders such as Santander Consumer USA Inc.'s (SC USA) RoadLoans.com division and Bank of America. VINtek's D2C platform provides lenders with a business process outsource service that addresses consumer loan and department of motor vehicle (DMV) document fulfillment, execution, exception handling and lien perfection all online via various VINtek consumer portals.
Another driver of increased volume was VINtek's ability to handle large-scale projects, such as SC USA's purchase, and subsequent transfer to VINtek, of a portion of the CitiFinancial Auto portfolio. Through its VINtekTIME v3.0 collateral tracking system, the company was able to transfer 1.4 million consumer titles and loan file records within 90 days.
"VINtek strives to create technology and services that fulfill the needs of any automotive lender, from the smallest credit union to the largest top-tier bank," said Larry Highbloom, president of VINtek.
As a result of its ELT technology and high client satisfaction levels, VINtek was chosen over all other participating ELT providers in each due diligence RFP to which it responded for groups such as state banking associations, credit union leagues and automotive dealer associations. In 2010, VINtek was exclusively endorsed by the California Bankers Association, Nebraska Bankers Association, Texas Credit Union League and Nebraska Credit Union League.
"ELT continues to expand across the United States as state DMVs and automotive lenders see the benefits of removing paper from the lien perfection process," said Highbloom. "Entering 2011, we expect this trend to accelerate in response to state budget issues. We also anticipate continued interest in the adoption of D2C lending by smart automotive financiers responding to market demands of consumers. Consumers are moving more of their financial management online and VINtek continues to deliver the technology and services that enable lenders to stay ahead of the curve in providing borrowers with the convenient, personal service they demand."
About VINtek
In its 21st 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. .