PORTLAND, Ore. — June 24, 2003—TitleAuctions, a technology company that delivers robust, Internet-based competitive-bid auctions to lenders, dealers and community portals nationwide, announced today the launch of www.cuAuctions.com, an Internet auction venue for repossessed vehicles built exclusively for credit unions.

Using www.cuAuctions.com, credit unions are able to post their repossessed vehicles for sale online and market the site to members. Members then have the opportunity to bid on the vehicles listed, often paying a fraction of the vehicle’s retail price.

"CuAuctions.com is a unique auction site in that it benefits both the credit unions and their members," said Mark Coleman, CEO, TitleAuctions. "Credit unions can sell their repos at a price above what they would receive through traditional wholesalers, while their members pay a lower price than they would during a typical retail sale. In addition, credit unions can capture more loans, sell more GAP and Mechanical Breakdown Insurance, and gain a new tool for marketing to non-members. It’s a win-win situation."

Through cuAuctions.com, credit unions have the ability to upload pictures, list full vehicle condition reports and set price and mileage information on each vehicle posted. Members can trust the information on the site due to the credit union’s strict adherence to full disclosure on the condition of each vehicle.

Credit unions who have sold their vehicle through cuAuctions.com have enjoyed prices as high as 13% above wholesale value. For more information, visit www.titleauctions.com.

About TitleAuctions

TitleAuctions delivers robust, Internet-based competitive-bid auction tools to lenders, dealers and community portals nationwide. Founded in October 2002 by two Portland, Oregon-based entrepreneurs, TitleAuctions began offering a market-ready service in March 2003 to credit unions and their members. With the TitleAuctions venue, local lenders, neighborhood dealers and community portals can increase their profits by combining the power of competitive bidding with the trust that comes from local relationships.

Contact Information:
Laurie Erickson
Charisma! Communications
503-245-3140
laurie@charismacommunications.com

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