July 19 - VINtek, a provider of automotive collateral management and electronic lien and title services for automotive finance lenders, has been named as the endorsed ELT service provider of the South Dakota Bankers Association.
In 2008, South Dakota passed legislation that gave the South Dakota Department of Motor Vehicles the ability to develop an ELT program that would encourage automotive lenders in the state to use electronic titles. ELT enables lien holders to receive paperless vehicle titles from the SD DMV, instead of traditional paper titles. The SD DMV plans on introducing its initial voluntary ELT process by the end of 2012. Although the program will be voluntary, the DMV will cease the issuance of paper titles with liens, making it imperative for banks to have electronic titling capabilities. To assist its member banks, the SDBA relied on extensive due diligence and positive recommendations from numerous banking associations to select VINtek as its preferred ELT service provider.
South Dakota banks are already taking the advice of the SDBA and working with VINtek to develop ELT within their institutions. Since the SDBA’s endorsement, VINtek has signed several financial institutions, including the largest bank in the state. VINtek is helping commercial bank members of the SDBA streamline the transition to electronic title processing.
VINtek is currently endorsed by three other banking associations, including the Texas Bankers Association, which recently extended its endorsement of the company as its preferred provider of ELT services.
“VINtek has been selected as the preferred ELT provider in several lending associations’ RFPs and supports an impressive client roster,” said Mike Feimer, president of South Dakota Bankers Insurance Services. “Other associations’ recommendations were a big factor in our decision to choose VINtek. We are confident that they will be a strong partner for our member banks.”
“Paperless titles save lenders time and money because they end a reliance on paper and result in far fewer errors,” said Larry Highbloom, president of VINtek. “It is important that banks have the proper training and procedures in place for their staff and customers to realize these benefits and VINtek is ready to assist banks in implementing these best practices. We are honored to be endorsed by the South Dakota Bankers Association and look forward to helping its member banks through this transition.”
About the South Dakota Bankers Association
Established in 1884, the South Dakota Bankers Association is the professional and trade association for South Dakota's financial services industry. Through the SDBA, hundreds of South Dakota bankers volunteer each year to serve on SDBA boards, committees and task forces to educate South Dakota's consumers and promote financial literacy.
In its 22nd year, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. Through its offices in Philadelphia, Las Vegas, Sacramento, Calif., and Troy, Mich., 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 three U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services. For more information, visit www.vintek.com.