VINtek, a provider of automotive collateral management services for banks, credit unions and other automotive finance lenders, announced that its revenue for the first six months of 2008 has increased 39 percent compared to the same period last year. In the second quarter of 2008 VINtek’s revenue increased 47 percent over the same period a year ago.
Despite the nationwide double-digit decline in the number of new and used vehicles sales in 2008, VINtek continues to see growth in its revenue and in its customer base. A significant contributor to the record revenue growth is the increased transaction volume realized in VINtek’s direct-to-consumer (D2C) platform, which provides lenders with Web-based document presentment to consumers and lien perfection for vehicles financed through private party purchases, existing auto loan refinances, lease buy-out financing and dealership sales.
Since January 2008, 230 new customers signed up with VINtek, another factor contributing to the company’s record revenue growth. This number includes customers using VINtek’s collateral management technologies and services for the first time as well as those who are switching to VINtek from another service provider. From July 2007 to June 2008, VINtek’s customer base increased more than 200 percent.
“As a result of the flight to quality for title administration processing that is occurring in the auto lending industry, VINtek acquired a considerable number of new customers who were interested in the best value for their collateral management processes in order to increase profitability and maintain a positive lending experience for their borrowers,” said Larry Highbloom, president of VINtek. “The demand by lenders for a complete and proven D2C financing platform is expected to continue to grow as lenders seek to complement or supplement their indirect lending business. We see D2C as one of the most important developments of 2008 in terms of auto finance.”
For more information on VINtek’s recent growth or the increasing importance of D2C within the auto financing industry, contact Sarah Cannon at (678) 781-7216.
About VINtek
Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and business process outsourcing for banks, credit unions and other auto finance institutions using paper or electronic titles. A provider of Electronic Lien and Title (ELT) technology, VINtek helps lenders increase efficiency, decrease costs associated with account management and reduce errors and exceptions on title liens through automation. For more information, visit www.vintek.com.
Contacts:
Media contact
Sarah Cannon, 678-781-7216
