PHILADELPHIA -- VINtek, a provider of automotive collateral management services and direct auto finance solutions, has experienced record growth in its client base and revenue for the 12-month period ended Oct. 31.
The company increased its client base to 664 clients, a year-over-year jump increase of 199 percent. Revenue growth for October was 95 percent, compared to the year-ago period.
"As we face the worst times to probably hit the automotive industry since the Great Depression of the 1930s, auto lenders are looking for better collateral management processes to mitigate their lending risks," said Larry Highbloom, president of VINtek.
"VINtek's clients include three of the four largest commercial banks, the world's largest credit union, one of the largest independent automotive finance companies and hundreds of other automotive financiers of all sizes. These organizations recognize the benefits we deliver to our financial institution clients by honoring us with service performance awards and selecting us as their new title management provider month after month."
Since 1990, VINtek's has provided collateral and risk management tools and services to the automotive finance industry. Its suite of products includes lien perfection services, automotive collateral management solutions and VIN decoding and vehicle valuation technologies.