ELIZABETH, N.J. -

A new Arizona-based vendor screening company on Monday launched what it's calling the first online compliance management system for the auto lending industry.

Vendor Transparency Solutions explained that it developed an industry-specific, comprehensive, supplier screening solution designed to assist the lending community to reach the highest level of compliance.

The tool is also geared to provide a solution that addresses new regulations requiring financial institutions to properly screen current and potential suppliers.

The VTS online-based platform can facilitate the act of monitoring vendors and presents a seamless flow of information directly to auto lenders so they may track the compliancy of their contracted service providers operating within the repossession industry. This monitoring includes repossession companies, skip-tracing agencies, repossession forwarding and transportation companies.

The VTS lender portal can track the various compliance components of each and every supplier. The system can flag those vendors who are out of compliance while tracking and issuing system generated notifications to lenders and suppliers alike on those items.

In the near future, the company will also roll out compliance monitoring for additional industries that contract with auto lenders and financial institutions.

At the helm of Vendor Transparency Solutions is president Max Pineiro, who has more than 25 years of industry related experience. Pineiro also is president and chief executive officer of Elite Collateral Recovery, a company with operations in New Jersey and Florida.

VTS’ director of operations is Jeff Koistinen, who brings more than 20 years of recovery related business experience and software development.

Koistinen was one of the founding visionaries behind the software program that later revolutionized the repossession industry through Recovery Database Network (RDN). He was also one of the two founders of Digital Recognition Network, which he founded in 2008.

“Through compliance monitoring, VTS is positioned to create new standards in the highly unregulated repossession industry,” Pineiro said.

“Our main focus is to assist lenders in reaching and maintaining the highest level of compliance while minimizing their risk and exposure,” he continued.

For further information about Vendor Transparency Solutions, its product or services, contact Pineiro at (732) 489-7728 or via email at max@vtscheck.com, or Koistinen at (520) 248-6000 or via email at jeff@vtscheck.com.