PHILADELPHIA (3/12/13)--VINtek, a provider of collateral management services, electronic lien and title (ELT) services and direct finance processing for automotive lenders, reported a 28% increase in new customer signings in 2012.
"The substantial growth VINtek experienced in 2012 can be seen as a continued commendation of our products and the hard work of the entire VINtek team," said Larry Highbloom, president of VINtek. "We are proud to play a role in the increased adoption of ELT nationwide. Lenders in the 18 operable ELT states are seeing the benefits of switching to an electronic lien process and this is what we hope to bring to more states in 2013 and beyond."
Many of VINtek's new clients signed on for ELT services due to the expansion of ELT nationwide. ELT replaces the traditional paper-based lien transaction between lenders and Department of Motor Vehicles with an electronic data transmission, eliminating the need to issue and mail a paper title.
In anticipation of the impact of Georgia legislation requiring lienholder participation in the Georgia Department of Revenue's ELT program in 2013, VINtek signed eight out of the top 10 credit unions in the state. VINtek also saw client growth in Florida with that state's move to required ELT participation by lienholders.
In 2012 two credit union association endorsed VINtek for ELT services: The League of Southeastern Credit Unions and Credit Union Association of the Dakotas.