PHILADELPHIA — VINtek enjoyed record growth during 2009 in numerous aspects of providing automotive collateral management and electronic lien and title services for lenders.

As compared to last year's figures, company executives indicated that 2009 revenue jumped 67 percent and earnings spiked a whopping 161 percent. Aiding in those increases was a 20-percent rise in clients. VINtek said it added 137 new clients last year.

Besides the positive financial trends, VINtek also detailed how it broadened its footprint in the industry through greater use of its technology.

Last year, VINtek launched a new version of VINtekTIME, its cloud-based system for paperless and paper-based automotive collateral management. Executives determined that by the fourth quarter, approximately 800 lenders nationwide had chosen this service.

Meanwhile, officials also shared that VINtek increased the volume on its D2C platform by 40 percent last year as compared to 2008. The D2C lending platform can enable lenders to provide finance products directly to consumers. The solution can tap into the transactions that occur outside the typical indirect dealer channel such as refinancing, person-to-person, independent used-vehicle dealer purchases and lease buyouts.

VINtek reiterated that its D2C platform also includes electronic signature, electronic contracting, document delivery to consumers via its portal at www.TitleMyCar.com. Furthermore, the platform can provide real-time calculation of tax, title and tag fees.

VINtek's relationships with states and their Department of Motor Vehicles also expanded last year.

Company executives explained that they helped California pass legislation that requires all vehicle liens in the state to be paperless by Jan. 1, 2012. They also mentioned that expanded ELT was rolled out last year in Texas. The Texas Bankers Association named VINtek the preferred ELT provider to its member banks.

What VINtek said ELT can be a major advantage for state governments by enabling lienholders to receive electronic titles from a DMV instead of traditional paper titles.

"The economic challenges facing states has encouraged those with operable ELT programs to move all lienholders to this automated process in order to reduce DMV operating costs," explained Larry Highbloom, president of VINtek.

"In addition, ELT reduces risk as electronic titles are created with minimal exceptions and errors," Highbloom went on to say.

"The paperless nature of ELT also gives states the opportunity to introduce green solutions that reduce environmental impact," he added.

Yet another growth area from 2009 that VINtek highlighted was its expansion into risk management. The company filed liens on more than 135,000 units of trucking rolling stock, securing a $1 billion credit line in less than 33 days. Executives explained that they used their automated lien perfection process on behalf of a top tier commercial bank.

"Demand for our outsourced collateral services increased as lienholders focus on reducing operating costs while improving systemic risk management," Highbloom noted.

"Perfecting liens on automotive collateral will be vital should there be a spike in repossessions in 2010, and VINtek is ready to leverage innovative technology to assist these lenders with reducing costs and mitigating risk," he continued.

Highbloom also touched on how VINtek enjoyed so much growth last year in numerous areas.

"VINtek's growth in 2009 resulted from our continual focus on developing innovative technology for managing automotive collateral and catering to the needs of state DMVs and lienholders," he concluded.