–VINtek, a provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, marks its 20-year anniversary in August with more than 1,200 auto finance customers, including four of the top five banks and the largest credit union in the world, two patents for its business processes, three locations and multiple preferred provider endorsements by lending associations.
“It is amazing to incubate a company with nothing more than an idea and turn around and be celebrating a 20-year anniversary given everything the automotive industry has been through”
VINtek was founded in 1990 by Larry Highbloom, who remains president and CEO of the company, in the basement of his home. Highbloom, a CPA, started the company with a vision of automating indirect auto finance risk management for retail financiers as well as floorplan lenders. In 1995, Harvey Lamm, former chairman, CEO and founder of Subaru of America joined the team as chairman, further solidifying the potential of the growing company.
“Harvey has had significant impact on all areas of VINtek’s development, bringing to the company the same innovation and focus on customer service that helped propel Subaru of America from concept to a competitive, long-standing position in the automotive industry,” said Highbloom.
Since its inception, VINtek has focused on the exchange of electronic data to protect lenders from fraud while reducing operating costs. Pioneering practices and technology such as outsourced collateral management and ELT, VINtek has assisted thousands of automotive lenders with streamlining their processes, increasing operating efficiency and reducing exposure to errors and fraud. With the exception of client migrations due to mergers or acquisitions, VINtek has maintained 99 percent of its client base since it was founded.
“VINtek was promoting the use and value of electronic data transmission before the Internet was commercially viable,” said Highbloom. “We have continued to push automotive finance to employ electronic, automated processes wherever possible and have seen a majority of those initiatives take hold on a large scale.”
Highbloom has been instrumental in the expansion of ELT in states across the country, assisting departments of motor vehicles (DMV) with the development of ELT pilot programs, as well as consulting with lawmakers on the writing of ELT legislation. Currently, 15 states offer an ELT program, with four of those mandating the use of electronic titles by automotive lenders.
In addition, VINtek has been at the forefront in the deployment of technology and services to enhance direct-to-consumer auto lending, helping financial institutions offer a fast, secure and convenient way for their customers and members to obtain auto financing through the Internet. The platform includes fully integrated real time calculation of tax, title and tag fees; electronic signature and electronic contracting; a web-based lender loan servicing workflow portal; online document delivery to consumers via VINtek’s www.TitleMyCar.com consumer portal; and a DMV “Concierge” service that provides remote title application and perfection services enabling consumers to skip a trip to the DMV.
“It is amazing to incubate a company with nothing more than an idea and turn around and be celebrating a 20-year anniversary given everything the automotive industry has been through,” said Highbloom. “During the economic disruption, VINtek continues to grow and provide customers with services that save time and money. Our growth is a reflection of VINtek’s commitment to customer satisfaction and we look forward to delivering more value to our clients as this industry evolves with traditional, as well as new, online channels,” Highbloom said.
Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. VINtek helps lenders increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with collateral management through the introduction of innovative consumer loan servicing technologies. VINtek holds two U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services