PHILADELPHIA — VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced that it has signed its 2,500th customer for its VINtekTIME® cloud-based automotive collateral management technology.
VINtekTIME provides automotive lenders with an automated virtual title department that saves significant time and money. VINtekTIME processes paper and paperless titles, or electronic lien and title (ELT) in a unified system reducing the work for users and enabling exceptions to be flagged and quickly corrected. States’ Department of Motor Vehicle (DMV) rules are incorporated in the application, mitigating the risk of non-compliance and reducing the need for staff to research DMV regulations. VINtekTIME also integrates with VINtek’s direct-to-consumer loan servicing platform which allows borrowers to electronically access and sign loan documents and access DMV documents.
VINtek continues to gain clients across all business verticals, including ELT, direct-to-consumer lending, tax, tag and title fee calculation and outsourced automotive collateral management. The company’s growth has been aided by the increased implementation of ELT by state DMV’s across the country. To date, 11 states have implemented voluntary ELT programs and five have passed legislation that require most, if not all automotive lenders to participate in the electronic title process.
“Having almost doubled our customer base in the past two years is a huge accomplishment for the VINtek team,” said Larry Highbloom, president of VINtek. “ELT continues to contribute to our growth as state governments realize the cost savings for departments of motor vehicles (DMV) and implement state-wide programs. Beyond ELT, each of our products take a part of the auto lending process and makes it more streamlined and less time-intensive. We look forward to offering these benefits to the next 2,500 lenders.”
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 three 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.