PHILADELPHIA — VINtek, a provider of automotive collateral management services and direct auto finance solutions for lenders, announced the launch of its latest version of VINtekTIME, its Web-based automotive collateral management system for paperless and paper-based vehicle titles.
The newest version of VINtekTIME includes features such as a workflow and task queuing system with timers, due dates and alerts; the integration of Department of Motor Vehicle business rules with document image and file hosting; and expanded user profile configuration utilities.
The first financial institution to use VINtekTIME v3.0 is Dallas-based Santander Consumer USA with its Drive Financial brand.
“We upgraded to VINtekTIME v3.0 because the system provides us with even more efficiencies and risk management benefits as a result of new features and capabilities plus unlimited customizable reporting and information sharing tools,” said Carolyn Prater, vice president of originations for Santander Consumer USA. “As a member of VINtek’s client advisory board, we were able to work with the VINtek product development team to design advanced features that meet our primary needs as well as enable us to customize features as we grow and change processes.”
“VINtek created the latest version of its collateral management system based heavily on direction and feedback we received from lenders on our client advisory board, a group of select clients who actively help guide our innovative efforts,” said Larry Highbloom, president of VINtek. “Our new version of VINtekTIME builds upon our history of reliability in data exchange with lenders and DMVs and provides enhanced risk management tools to lenders who are focused upon preventing title exceptions.”
More than 740 automotive lenders nationwide use VINtekTIME to manage their automotive collateral. VINtekTIME simultaneously processes paperless automotive titles, also known as electronic lien and title, and paper titles and other collateral in one unified collateral management system. VINtekTIME is deployed via a Software as a Service model that eliminates the requirement for clients to install software since the application is hosted by VINtek on secure servers within SunGard Data Systems hosting and network infrastructure.