TitleAuctions delivers retail, wholesale and member vehicle remarketing tools, as well as training and support. As the economy continues to recover, credit unions are under increasing pressure to find ways to quickly move repossessions.
TitleAutions' comprehensive set of web-based software tools taps into the unique needs of the credit unions to conduct efficient, profitable, competitive-bid auctions to be directly linked to their credit union website.
Currently serving credit unions nationwide, TitleAuctions cleints experience higher average sale prices than traditional remarketing channels, as well as new loan revenue and increased website traffic.
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 collateral is sold, protecting credit unions from further collateral depreciation.
Higher Sale Prices. Our credit unions tell us they're earning higher sale prices for their repossessions than wholesale auctions typically deliver - as much as $2,000 - $3,000 more, in some cases. Credit unions recover more of their outstanding loan balance, benefiting both the credit union and its members.
Loan Retention. When repossessions are sold through your own competitive bid auction page, credit unions 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. 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 staff spends at least part of their day talking with members about repossessions for sale. With your own competitive-bid auction page on your website, members interact with the software and not with staff. One credit union collections manager told us they save 10 hours every week that used to be spent answering member questions and taking member bids.