Rancho Cucamonga, CA, November 8, 2004
California-based CU Direct Corporation (CU Direct), a Credit Union-owned Service Organization (CUSO) and administrator of the Credit Union Direct Lending (CUDL) system, the largest point-of-sale lending program for credit unions in the United States, announced today that it has signed a technology and marketing agreement with TitleAuctions Inc. (TitleAuctions), provider of competitive-bid auction tools and training for the profitable remarketing of motor vehicles and watercraft.

Under terms of the agreement, TitleAuctions will provide a competitive-bid auction platform for CU Direct’s enhanced automotive Web site, AutoSMART, which was launched today. In addition, CU Direct will refer to TitleAuctions those member credit unions that elect to conduct their own competitive-bid auctions for repossessed and off-lease collateral.

“We’re excited to be providing auction technology to CU Direct and its network of credit unions,” said Mark Coleman, CEO of TitleAuctions. “Thousands of vehicles are sold over the Internet every day. CU Direct provides a high-quality, high-value service and world-class training and support to credit unions and auto dealers that wish to participate in online auctions. We are proud to be working with them.”

CU Direct President and CEO Tony Boutelle said, “TitleAuctions has developed a remarketing product that allows a credit union to conduct its own competitive-bid auction for repos and off-lease vehicles on its own Web site. At the same time, auctions from all participating credit unions will be presented concurrently on our enhanced Web site, providing exposure to millions of members and consumers nationwide. The site will benefit credit unions and their members.”

CU Direct’s new AutoSMART program is a state-of-the-art auto-buying resource that replaces the original CUDL Auto Buying program. AutoSMART stands for Auto Select Member Automotive Research Tool. The new program allows credit unions to tailor their AutoSMART connection to complement their corporate priorities and improve service to their members, and it provides a sophisticated toolbox of auto-buying resources to credit union members. AutoSMART dealers will experience easier navigation, receive more qualified leads, enhance their credibility through the credit union connection, and position themselves for repeat business by serving their customers better.



About CU Direct
Based in Rancho Cucamonga, California, CU Direct Corporation (CU Direct) is the leader in indirect lending services for the credit union industry. As a result of its recent merger with Indirect Services Inc., CU Direct administers both the Credit Union Direct Lending (CUDL) and DecisionApp programs, which allow members to receive credit union financing at the auto dealership through an automated decisioning system. As a Credit Union-owned Service Organization, CU Direct develops custom applications, training and marketing programs to help credit unions achieve their indirect lending goals. Participants include approximately 5,700 dealerships and approximately 430 credit unions in 33 states across the country. For more information on CU Direct, visit www.cudirect.net. Credit union members can find all the latest auto buying and research tools at: www.cudirect.com.



About TitleAuctions
TitleAuctions helps credit unions nationwide remarket motor vehicles and watercraft more profitably. The company provides patent-pending, flexible, scalable competitive-bid auction tools and training to 50 credit unions in 15 states and growing. TitleAuctions is based in Portland, Oregon. For more information about TitleAuctions, visit www.titleAuctions.com. To browse and bid on credit union vehicles for sale, go to www.cuAuctions.com.

Learn More. E-mail info@titleauctions.com or call 503-344-5001.