PHILADELPHIA — VINtek, a provider of automotive collateral
management, electronic lien and title (ELT) services and direct finance
processing for automotive lenders, reached a new customer milestone.

The company recently signed its 3,000th ELT client.

VINtek explained ELT replaces a paper title and lien with data
exchanged electronically between a department of motor vehicles (DMV) and a
lienholder. The company contends the cost savings and reduction in exposure to
fraud is motivating a growing number of state legislators to implement ELT
programs.

To date, VINtek indicated 19 states have implemented ELT
programs with Florida, Georgia and Wisconsin recently passing legislation
requiring most, if not all, lienholders to participate in their ELT programs.

Officials added Iowa is the latest state to initiate
implementation of an ELT program for lienholders.

VINtek has seen its customer base grow significantly because
lenders are seeking the high level of customer satisfaction and reliability
associated with the company's VINtekTIME ELT system. The company insisted ELT can
save significant time and money for financial institutions, as well as
increases consumer satisfaction by automating parts of the lien release
process.

"We were VINtek's first ELT client in 1997 when Pennsylvania
introduced the program and have had a strong partnership for 16 years," said
William Zysk, vice president of lending at Pennsylvania State Employees Credit
Union, which has $4.2 billion in assets. "ELT has continued to create
efficiencies in our organization and VINtek has been with us from day one."

VINtek president Larry Highbloom said went on to say, "Hitting
the 3,000 customer mark is an enormous complement of our products and the hard
work of the entire VINtek team.

"The adoption of ELT continues across the country and we are
proud to play a role in promoting the efficiency of ELT services to states and
other stakeholders," Highbloom continued.

"VINtek remains focused on providing the highest level of
ELT expertise to current customers and future automotive lienholder partners
everywhere, which is evidenced by the retention of our very first customer for
ELT services," he concluded.

Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.


Normal
0
false
false
false
EN-US
X-NONE
X-NONE

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:””;
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:”Times New Roman”;
mso-fareast-theme-font:minor-fareast;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}