Fairly regularly we get folks asking about how to become an ELT service provider. This happens especially when a state begins requiring participation in their ELT program. States are not generally interested in certifying every lienholder, so they require lenders and other lienholders to work with a third party that does get certified by each state's DMV. That is what we do: allow lienholders to participate in ELT.
Becoming an ELT service provider is not magic, it's just a lot of work. When we hear of individual lenders wanting to become their own provider, we wish them all the best. In reality, there is no way for even a large company to recover on-going maintenance costs to work with each state, much less the initial development (and material costs and state fees) to become certified.
And that gets us to why we like being an ELT Service Provider. We feel that we can offer a winning solution for everyone.
- We work with each state's ELT program, maintaining compliance.
- And on top of that, we keep a relationship with the staff at the DMV enabling us to get answers to questions.
- We save our customers frustration by providing specific answers or advice.
- We provide tools that help to reduce fraud.
- We make the most of the benefits offered by each state's ELT program to make title processing easier.
- And we add our own innovations to further improve tracking titles, preparing paperwork, resolving issues, and generally making titles as collateral work the way our customers need them to.
- Owners benefit too both in the reduction of fraud and the simplification of paperwork.
- Plus, ELT is a very green initiative!
The image is from a podcast series by Business Week. The sentiment "Making Innovation Work" really sums up our efforts with ELT.