PHILADELPHIAVINtek announced that it has signed its 2,500th customer for its cloud-based automotive collateral management technology.

VINtekTIME processes paper and paperless titles, or electronic lien and title (ELT), in a unified system to help reduce the work for users and enable exceptions to be flagged and quickly corrected, according to the company.

States’ Department of Motor Vehicle rules are incorporated in the application, mitigating the risk of noncompliance and reducing the need for staff to research DMV regulations.

“Having almost doubled our customer base in the past two years is a huge accomplishment for the VINtek team,” said Larry Highbloom, president of VINtek. “ELT continues to contribute to our growth as state governments realize the cost savings for departments of motor vehicles and implement state-wide programs.”

VINtekTIME also integrates with VINtek’s direct-to-consumer loan servicing platform, which allows borrowers to electronically access and sign loan documents as well as access DMV documents, according to the company.

“Beyond ELT, each of our products take a part of the auto lending process and makes it more streamlined and less time-intensive,” Highbloom said. “We look forward to offering these benefits to the next 2,500 lenders.”