VINtek Experiences Record Growth in 2009

PHILADELPHIA — VINtek, a provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, announced that it saw record growth across all lines of business in 2009, including Direct-To-Consumer (D2C) lending, ELT, outsourced automotive collateral management and risk management services. VINtek added 137 clients to its roster, a 20 percent increase from 2008, grew revenue by 67 percent and increased earnings by 161 percent.

In addition to its operating performance gains, VINtek launched a new version of VINtekTIME, its cloud-based system for paperless and paper-based automotive collateral management. By Q4 2009, approximately 800 lenders nationwide had chosen VINtek’s automotive collateral management services.

VINtek increased volume on its D2C platform by 40 percent over 2008. The D2C lending platform enables lenders to cost effectively provide auto finance products directly to consumers, tapping into the transactions which occur outside the typical indirect dealer channel such as refinancing, Person-to-Person (P2P), independent used car dealer purchases and lease buyouts. The platform includes electronic signature, electronic contracting, document delivery to consumers via VINtek’s www.TitleMyCar.com portal, and real time calculation of tax, title and tag fees.

“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,” said Larry Highbloom, president of VINtek.

VINtek made strides in expanding ELT by assisting the state of California in passing legislation that requires all vehicle liens in the state to be paperless by Jan. 1, 2012. ELT, a cost-effective environmentally friendly alternative to paper-based titles, was also rolled out in Texas in 2009, where the Texas Bankers Association named VINtek the preferred ELT provider to its member banks. ELT enables lienholders to receive electronic titles from a state Department of Motor Vehicles (DMV), instead of the 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. In addition, ELT reduces risk as electronic titles are created with minimal exceptions and errors. The paperless nature of ELT also gives states the opportunity to introduce green solutions that reduce environmental impact,” said Highbloom.

VINtek further established itself in risk management by filing liens on more than 135,000 units of trucking rolling stock, securing a $1 billion credit line in less than 33 days using VINtek’s 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. 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,” Highbloom said.

About VINtek
Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. 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 two 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.