PHILADELPHIA — VINtek, a provider of automotive collateral management, electronic lien and title and direct auto finance solutions, has been named the exclusive endorsed ELT provider of the California Bankers Association (CBA).
In 2009, the California legislature passed a bill mandating the use of ELT by automotive lenders in the state by Jan. 1, 2012. As such, CBA’s member-banks must implement an ELT program that replaces paper titles with digital versions. VINtek was chosen for a strategic partnership with CBA after a thorough due diligence process based on its experience transitioning banks of all sizes to ELT.
“Our strategic partner program identifies the vendor with the highest quality products and services in a service category. Partners are selected based on their ability to meet our high expectations for product and service quality,” said Rod Brown, president and CEO of the CBA. “After contrasting VINtek’s range of capabilities against those of other providers, VINtek was the clear leader in virtually every category we examined.”
California maintains the highest vehicle title volume in the country. An ELT program reduces paper usage, title storage and postage costs, and reduces exceptions and the chances of losing a title. A digital approach helps banks reduce expenses and allocate fewer staff members to their collateral management departments.
“VINtek has assisted lenders in California with ELT programs for more than seven years,” said Larry Highbloom, president of VINtek. “With the mandate deadline approaching, we look forward to working with CBA’s members to put the proper training and procedures in place to make a seamless transition to electronic titles. We appreciate CBA’s trust in VINtek to help banks in California reduce expenses and save time by taking the paper out of the vehicle title process.”