VINtek Achieves Record Growth, Profits in First Quarter Despite Auto Industry Decline

PHILADELPHIA--VINtek, a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, announced that in the first quarter of 2009 it experienced a revenue increase of 183 percent over the first quarter of 2008.

VINtek currently has more than 700 lenders nationwide for its automotive collateral management line of business. VINtek’s customers range in size from small community-based credit unions to some of the largest commercial banks in the country.

“Automotive lenders realize the critical importance of perfecting their liens on automotive collateral given their concern over increased repossession forecasts,” said Larry Highbloom, president of VINtek. “This concern extends beyond consumer automotive finance, as evidenced by an engagement we recently concluded to file liens on more than 100,000 pieces of rolling stock of a trucking company that serve as collateral for a large revolving credit line with one of the nation’s top commercial banks. Our products manage risk and reduce operating costs in order to meet two of the top priorities of lenders in the current economic environment.”

VINtek provides automotive lenders with collateral management services including Electronic Lien and Title (ELT) technology, a “green” initiative that replaces paper titles with digital data for lienholders and business process outsource (BPO) administration of automotive collateral.