PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, today announced that it has opened a new office in Sacramento, Calif., to address the automotive collateral needs in the country’s highest volume vehicle titling state.
By establishing an office in California, VINtek’s third location in addition to Philadelphia and Las Vegas, VINtek is able to further assist lenders with lien perfection and facilitate a more efficient and secure titling process.
The office also will also helps support California lenders’ as they prepare for the Jan. 1, 2012, electronic lien and title (ELT) deadline mandating that lenders in the state switch to an electronic title process. Currently, the California DMV hosts a voluntary ELT program, accounting for nearly 10 percent of titles issued with liens in the state.
For consumers, web-based vehicle registration alleviates the need to spend hours waiting at the local department of motor vehicles (DMV) by providing remote electronic DMV services to complete the title process.
“The opening of our California office is a reflection of VINtek’s continued growth, our commitment to the state of California, as well as the rising volume of electronic titling transactions in automotive lending,” said Larry Highbloom, president of VINtek. “As more lenders come to understand the numerous benefits of using electronic titles over paper and more efficient web-based services over time-consuming manual processes, we are witnessing a shift to paperless in the way the industry handles lending and collateral management.