"TitleAuctions was founded on the premise that online competitive-bid auction tools could empower credit unions to more effectively remarket repos to their own members, to their auto dealer partners and to the public, earning higher sale prices and writing more new loans as a result. We are seeing measurable results that support that premise from our credit union clients," said Mark Coleman, C.E.O.
Additional advantages to credit union remarketing include new membership applications and loans to those new members. Auctions that result in better than wholesale prices demonstrate the credit union has made an extra effort to remarket the collateral in a commercially reasonable manner, which mitigates legal risks.
" We're earning $2,000 to $3,000 more per repo than through our previous channels, and we're writing new loans and getting some new members, as well," said Vern Nichols, asset recovery manager at Northwest Community Credit Union in Eugene, Ore.