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VINtek reaches 1000th customer milestone
PHILADELPHIA (6/29/10)--VINtek has signed its 1,000th customer, said the provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, including credit unions. VINtek continues to add multiple clients a day across all its lines of businesses, the Philadelphia-based company said. Driving the growth is its ELT solution, VintekTIME. The solution enables lienholders to receive electronic titles, instead of paper titles, from a state Department of Motor Vehicles. The use of electronic vehicle titles is expanding in the U.S. Fifteen states have implemented an ELT program, with four state legislatures mandating that lenders use the electronic title process. VINtek customers range from small credit unions and buy-here-pay-here dealerships, to to-tier banks. Four of the top five U.S. banks and the world's largest credit union use VINtek for automotive collateral needs. "VINtek's ELT solution has taken market share because it is easy to use, reliable and incorporates the latest in data security and maintenance standards," said VINtek President Larry Highbloom. "We have never lost an ELT record or had to resend previously sent data files. We continually enhance products to keep our customers on the leading edge of lending technology so that they remind the number one vehicle financing source for their customers and members."


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