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VINtek marks growth for 2010
PHILADELPHIA (3/29/11)--VINtek reported 30% annual revenue growth in 2010, double its revenues since 2008. The provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders also signed nearly 700 new clients, a 435% increase in new customer contracts over 2009. To accommodate its expanding customer base of more than 1,600 lenders, VINtek opened two new offices in 2010 and added senior management. Those investments also helped support the growth of VINtek’s direct-to-consumer (D2C) lending platform, which has doubled in transaction volume each year the past two years. The growth in D2C included VINtek’s introduction of a consumer auto finance lead generation website leveraging its Tax, Tag and Title Calculator, which provides direct leads to lenders. VINtek’s D2C platform provides lenders with a business process outsource service that handles consumer loan and department of motor vehicle (DMV) document fulfillment, execution, exception handling and lien perfection---all online through VINtek consumer portals. VINtek also took on large projects during 2010, such as Santander Consumer USA’s purchase, and subsequent transfer to VINtek, of a portion of the CitiFinancial Auto portfolio. The company said it transferred 1.4 million consumer titles and loan file records within 90 days. “VINtek strives to create technology and services that fulfill the needs of any automotive lender, from the smallest credit union to the largest top-tier bank,” said Larry Highbloom, president of VINtek.


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