PORTLAND, Ore. — August 1, 2003—TitleAuctions™, a technology company that delivers robust, Internet-based competitive-bid auction tools to lenders, dealers and community portals nationwide, announced today that Northwest Community Credit Union has sold seven vehicles online in three months using the TitleAuctions tools.

Vern Nichols, Northwest Community’s Indirect Lending Manager, placed the repossessed vehicles on a Northwest Community competitive bid auction page powered by TitleAuctions. By posting all of his collateral in one place on Northwest Community’s site, members from eleven branches across the state of Oregon and consumers at large are able to view and bid on the collateral for sale.

“It’s really easy to use and the quality of the program is excellent. The fact that a member can be quite a distance away and still get a good look at something before they decide to make the commitment to bid is a big plus,” said Nichols.

The TitleAuctions tools enable credit unions to quickly set up competitive bid auction pages on their own Web site for the sale of repossessed collateral. Repossessions posted on a credit union’s Web site also appear on www.cuAuctions.com for credit union members and consumers nationwide to browse and bid on. Credit unions currently using the TitleAuctions tools report sale prices up to 13% higher than wholesale value.

Nichols knows the revenue benefits of using TitleAuctions first hand. He recently posted a 1997 Toyota Tacoma Xtra Cab on the Northwest auction page, received six bids and sold the collateral for $600 more than his asking price. More often than not, the vehicles sold on the Northwest Community auction page are funded back through the Credit Union lending department, bringing in additional revenue.

“To be honest with you, it’s been hard for me to get enough vehicles to post. We’re getting every vehicle we can in and up on the auction. The more vehicles we keep on there, the better results we see,” said Nichols. “We have seen a higher return on the vehicles at TitleAuctions than anywhere else. No doubt about it. “

For more information on TitleAuctions, 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.

About Northwest Community Credit Union
Northwest Community Credit Union is a member-owned, not-for-profit organization with branches throughout Oregon . We provide a full range of financial products and services. Membership is open to anyone who lives or works (or is related to someone who lives or works) in the following counties: Multnomah , Washington , Clackamas, Marion , Linn, Benton , Lane, Deschutes , Douglas , Coos, Jackson and Josephine. We specialize in personal accounts and individual needs.

TitleAuctions Contact :
Laurie Erickson
Charisma! Communications
503-245-3140
laurie@charismacommunicaitons.com

Northwest Community Credit Union Contact:
Vern Nichols
Northwest Community Credit Union
541-744-9457
vnichols@nwcu.com

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