Loan growth sparks auto remarketing need
With the increase of job growth and consumer confidence so far in 2015, it is clear that the economy is moving swiftly in the right direction. According to CUNA Mutual Group’s Chief Economist Steve Rick in his February trend report video, we are currently experiencing a self-sustaining economic expansion period where several credit union factors are positively accelerating such as national loan and membership growth. In fact, Rick reported that credit union loan growth reached .08 percent in January—which may lead to annual growth of over 10 percent at the end of 2015.
The catalyst for recent loan growth has been the demand for new auto loans. Although this is a welcomed change for credit union balance sheets, the need for remarketing repossessed used vehicles is starting to surface. Since new vehicles are receiving so much attention, remarketing programs are emerging as a tool to alleviate used vehicles through auctions.
With over 100,000 used vehicles sold annually at auctions throughout North America, Remarketing by GE is a recognized leader in the industry and they have the know-how to make strategic and cost-effective marketing and reconditioning decisions that are designed to increase returns. And with these volume levels, they can also arrange for competitive sale, reconditioning, and detailing services for your vehicles. Remarketing by GE’s long-term relationships with top performing auction companies – along with our reputation for excellence in the industry – help us deliver these results. LEVERAGE’s solution, Remarketing by GE, will offer:
- Strategy designed to increase returns
- Personal representation at auction
- Reduced cycle time
- Economies of scale
Looking to see our solution in action? LEVERAGE and Remarketing by GE invites you to join us on March 25, 2015 at the Manheim Central Florida auction or April 21, 2015 at the Manheim Pensacola auction. If you are interested in attending, please contact Rhea Oaks. For program details and case study information, visit our website.