PHILADELPHIA — VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced the signing of its 3,000th ELT customer. ELT replaces a paper title and lien with data exchanged electronically between a department of motor vehicles (DMV) and a lienholder.
The cost savings and reduction in exposure to fraud is motivating a growing number of state legislators to implement ELT programs. To date, 19 states have implemented ELT programs, with Florida, Georgia and Wisconsin recently passing legislation requiring most, if not all lienholders to participate in their ELT programs. Iowa is the latest state to initiate implementation of an ELT program for lienholders.
VINtek has seen its customer base grow significantly because lenders are seeking the high level of customer satisfaction and reliability associated with the company’s VINtekTIME ELT system, company officials said. The service is designed to help auto finance sources save time and money, as well as increases consumer satisfaction by automating parts of the lien release process.
“Hitting the 3,000 customer mark is an enormous complement of our products and the hard work of the entire VINtek team,” said Larry Highbloom, president of VINtek. “The adoption of ELT continues across the country and we are proud to play a role in promoting the efficiency of ELT services to states and other stakeholders.”