PORTLAND, Ore.— Jan. 14, 2004—TitleAuctions™, a technology company delivering competitive-bid auction tools to credit unions nationwide, now offers access to more than 500,000 credit union members through its network of 24 credit union clients.

TitleAuctions is actively serving 24 credit unions in eight states, including: Massachusetts, Montana, North Carolina, Oregon, Texas, Utah, Virginia, and Washington.

The half-million member mark is a strong testament to TitleAuctions’ growth in the credit union market. More than 510 credit union members and consumers-at-large have registered to bid on credit union vehicles and, since March 2003, over 60,000 click-throughs to vehicle description pages have been logged by TitleAuctions’ servers.

“Our first vehicle auction, a 1994 GMC 1500 Pickup, garnered 41 bids from three bidders. It sold in just five days for $2,450 more than we were asking for,” said Mark Davis, CEO, Oregon Pioneer Credit Union. “Since then, we’ve continued to use the TitleAuctions service.”

Credit unions using TitleAuctions’ tools are consistently selling more than 40 percent of the vehicles they post, totaling nearly 100 vehicles sold thus far. Furthermore, credit unions are earning their asking price or more from the sale. As importantly, credit unions are also generating revenue from their repos by writing new loans on about half of all the vehicles they auction.

“We’re pleased to see that credit unions are able to not only get higher sale prices for their repossessions than ever before, but they’re also generating new loans, as well.” said Mark Coleman, CEO of TitleAuctions. “We’ll soon be releasing some new tools to help our credit unions write even more new loans from their repo auctions; 2004 should be an exciting year.”

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