Credit Unions Utilize Comprehensive Vendor Solutions and Web-Based Technology to Optimize the Sale of Repossessed Vehicles
Driven in large measure by an unfavorable used car market, rising repossession rates and improving technology, many credit unions' vehicle remarketing strategies have evolved considerably in recent years.
A cyclical peak in the volume of vehicle repossessions, combined with historically
low recovery rates, caused lenders to experience significant losses due to repossessions
in 2003. Meanwhile, steadily declining used car values in recent years have
forced credit unions to place greater emphasis on the optimization of repossessed