Illinois’ partnership with CHAMP allows title and lien stakeholders to benefit from faster modernization.
Photo: Illinois Secretary of State via CHAMP Titles
CHAMP Titles, Inc., a provider of digital vehicle title, registration, and lien systems of record in the United States, recently launched of its electronic lien and title (ELT) gateway service by the Illinois Secretary of State.
ELT is a software system that enables vehicle liens to be submitted electronically, transforming the vehicle titling process. It reduces costs, improves efficiency, minimizes fraud risk, and decreases the environmental effects of paper-based alternatives. Its patented technology addresses the needs of vehicle retailers, wholesalers, insurance carriers, fleet operators, lenders, service providers, and consumers.
ELT in Illinois also ushers in a new, performance-centric approach to government contracting. Companies offering large, complex software solutions have long required government agencies to pay high upfront costs for services that aren’t delivered until several years later.
Illinois’ partnership with CHAMP allows title and lien stakeholders to benefit from faster modernization. In addition to services being available far sooner, Illinois’ ELT program eliminates the upfront and ongoing costs to Illinois as CHAMP Titles receives payment from the lender only after liens are filed successfully on the citizen’s behalf.
Illinois Secretary of State Alexi Giannoulias’ commitment to making services more accessible and accountable to citizens paved the way for ELT’s digital approach.
This technology marks a big step in reforming vehicle ownership documentation for Illinois. Previously, it took weeks for banks to confirm and release liens to securitize their loans properly.
With the CHAMP ELT service, lienholders financing vehicles in Illinois can speed up communication with the Secretary of State’s office. With banks now able to swiftly add and remove liens, the pace of commerce improves for dealers, lenders, and citizens, removing the need for holding and managing secure paper titles.
As a result, costs drop for each party, including the taxpayer. CHAMP’s pay-for-performance contracting model rewards continuous improvement and cross-platform integrations.
“The state’s leadership at the Secretary of State’s office should be an example for the nation, amenable to modernization, in pursuit of a better solution, and successful in seeking one out,” said Shane Bigelow, CEO of CHAMP Titles, in a news release.
“With the favorable results from several other states that have upgraded their DMV software with CHAMP, the word is getting out and we are making real strides in a high barrier to entry sector like vehicle titling and lien servicing.”
Founded in 2018, CHAMP Titles sets up digital vehicle title, registration, and lien management software in the U.S. Its patented SaaS platform streamlines and secures the digital management of vehicle titles.
