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VINtek Reports 2012 Client And Revenue Growth

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PHILADELPHIA (3/12/13)--VINtek, a provider of collateral management services, electronic lien and title (ELT) services and direct finance processing for automotive lenders, reported a 28% increase in new customer signings in 2012.

"The substantial growth VINtek experienced in 2012 can be seen as a continued commendation of our products and the hard work of the entire VINtek team," said Larry Highbloom, president of VINtek. "We are proud to play a role in the increased adoption of ELT nationwide. Lenders in the 18 operable ELT states are seeing the benefits of switching to an electronic lien process and this is what we hope to bring to more states in 2013 and beyond."

Many of VINtek's new clients signed on for ELT services due to the expansion of ELT nationwide. ELT replaces the traditional paper-based lien transaction between lenders and Department of Motor Vehicles with an electronic data transmission, eliminating the need to issue and mail a paper title.

In anticipation of the impact of Georgia legislation requiring lienholder participation in the Georgia Department of Revenue's ELT program in 2013, VINtek signed eight out of the top 10 credit unions in the state. VINtek also saw client growth in Florida with that state's move to required ELT participation by lienholders.

In 2012 two credit union association endorsed VINtek for ELT services: The League of Southeastern Credit Unions and Credit Union Association of the Dakotas.

CO-OP Think Prize 13 Finalists Named

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RANCHO CUCAMONGA, Calif. (3/12/13)--CO-OP Financial Services has named three finalists for its CO-OP THINK Prize 13, a competition to inspire innovative solutions to the issues confronting the credit union industry.

The three finalists and their business plan titles include:

  • Robert Baron, Director of Marketing, Technicolor FCU, Burbank, Calif.: "Virtual Teller System;"
  • Andree Kirk, Online Services Administrator, San Francisco (Calif.) FCU, San Francisco, Calif.: "Shared Member Application Platform;" and
  • Deborah Larson, Branch Manager, Dakota Plains CU, Enderlin, N.D.: "Switch Kit App."
The three finalists were selected from among 25 semi-finalists by judges from CO-OP Financial Services and Filene Research Institute. The winner of the CO-OP THINK Prize 13 will be announced May 2 at the THINK 13 in Chicago.

The winner will be determined based on scoring by the CO-OP Financial Services and Filene Research Institute judges; online voting by credit union employees March 26-April 19, and on-site voting by registered THINK 13 Conference attendees.

CO-OP Financial Services will be working with the finalists to produce a video that helps the entrants to explain their idea. This video will be made available on the THINK website for the online voting period and shown at the THINK 13 Conference.