Turn Repos Into A Revenue Stream
Every Credit Union knows the challenge of getting fair market value for repos. If you send your repos direct to a wholesaler, you get below wholesale value. If you try to retail the repo yourself, you chew up valuable time and, if the repo doesn't sell right away, you risk further depreciation of the asset.
TitleAuctions delivers a Web-based competitive-bid auction tool that empowers Credit Unions to quickly remarket repos, and to get prices closer to fair market value at the time. When you auction a repo on your own Credit Union Web site, you can gain new members, retain loan business, sell additional insurance products, and build member loyalty.
Even better, the auction tool is easy to use and takes just minutes a day to manage.
Generate new loan revenue by helping your members to sell their own vehicles. With Member Auctions, members conduct an auction for their own vehicle on your credit union's Web site. As members buy and sell, you get new loans.
Credit Unions using TitleAuctions enjoy the following benefits:
- Faster sales
- Higher sales prices than traditional wholesalers typically deliver
- Gain new members
- Retain loan business
- Boost sales of insurance products, such as MBI and GAP
- Reinforce member loyalty
- Provide members with a fair, fun, and open bidding process
- Easy to use and takes just minutes a day to manage
- Reporting tools to help you demonstrate regulatory compliance
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