CarForce1 Will Begin Internet Remarketing Program for Repos and Lease Returns of Major Credit Unions and Banks Across the U.S.
Wednesday March 29, 8:00 am ET
DALLAS--(BUSINESS WIRE)--March 29, 2006--Carforce1 (Pink Sheets: AUML - News) announced this morning the company would begin listing repossessed vehicles and lease-returns for various credit unions and Major banks across the U.S. More credit unions are tapping into the Internet's potential. Anecdotal evidence suggests more than 10% of credit unions are using Internet vehicle remarketing of some kind, including eBay Motors or simply posting vehicles for sale on their website. Evidence also suggests that recaptured revenue can be substantial, including shortened remarketing cycles, higher sale prices and, in some cases, new loan revenue--often at equal or lower costs than traditional remarketing channels.
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Automotive manufacturers are also using the Internet to remarket lease-returns. In 2002 General Motors (NYSE:GM - News) launched GM SmartAuction, and last year celebrated one million vehicles sold. Even the nation's two largest private auction wholesalers, Manheim and Adesa, have launched Internet-based auctions for remarketing vehicles direct to dealers. In fact, Manheim recently announced it was developing an Internet remarketing platform especially for the nation's premier banks to sell repos and lease-returns directly to participating auto dealers anywhere in the nation.
About CarForce1
CarForce1 provides dealerships with training and consultation on how to expand their market share by maximizing the use of eBay (Nasdaq: EBAY - News). With years of experience in the automotive internet arena, CarForce1 has developed a program that identifies vehicles that should be listed and also helps with pricing the vehicle for maximum exposure. Also, Carforce1 teaches the auctioning, instead of wholesaling, of trade-ins and aged inventory that won't be kept by the dealership. CarForce1 shows dealers how to eliminate that loss of profit associated with wholesaling or taking vehicles to traditional auctions.
Some of the article above has been provided to offer the credit union community with insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions provided here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
