As the economy continues to recover, credit unions are under increasing pressure to find ways to quickly move repossessions. Tapping into the Internet’s potential to shorten the remarketing cycle for repossessed vehicles is a great way to support your existing remarketing efforts.

Our online auction solution, powered by TitleAuctions, provides a comprehensive set of web-based software tools that enables credit unions to conduct efficient, profitable, competitive-bid auctions directly linked to their credit union website. Program benefits include:

• Faster Sales Cycles. Everyday that repossessed collateral remains unsold its value depreciates. A competitive-bid auction can dramatically accelerate the speed with which you sell your collateral, protecting you from further collateral depreciation.
• Higher Sale Prices. Our credit unions tell us they’re earning higher sale prices for their repos than wholesale auctions typically deliver – as much as $2,000 - $3,000 more in some cases. You recover more of your outstanding loan balance, benefiting both your credit union and its members.
• Loan Retention. When you sell your repo through your own competitive bid auction page, you have an opportunity to write the loan on the collateral. Our credit unions tell us they’re writing loans on 50 percent of the collateral they auction off.
• Additional Members. Your members will tell their family, neighbors, friends and co-workers about the fairly priced vehicles they see on your competitive-bid auction page. That word-of mouth will draw additional member applications.
• Increased Staff Productivity. Chances are that selected members of your staff spend at least part of their day talking with members about repos for sale. With your own competitive-bid auction page on your Web site, members interact with the software and not with your staff. One credit union collections manager told us he was saving 10 hours every week that he used to spend answering member questions and taking member bids.

For more information on Web-Based Auction Solutions, email consult@myleverage.com.