Tuesday, Jul. 28, 2020, 04:39 PM
Cornerstone Credit Union League is one of the nation’s largest regional credit union trade associations, serving approximately 500 credit unions in Arkansas, Oklahoma and Texas.
And the association is making sure its members are prepared to handle the possibility of rising repossessions as its service corporation, Credit Union Resources, recently signed a new partner — E-Dealer Direct.
The wholesale used-vehicle auction marketplace for dealers is the most recent value-added service provider to align with Cornerstone, expanding the opportunities credit unions have when selling repossessed vehicles in the market.
Officials explained the partnership helps to fill a gap in the marketplace, eliminating the middleman and directly connecting credit unions with dealers. Credit union members who are considering a voluntary surrender will enjoy free access to E-Dealer Direct’s marketplace, resulting in the possibility of higher trade offers on their vehicle, benefiting both them and their institution.
The organizations indicated E-Dealer Direct’s proprietary auction marketplace, unique pricing strategy and nationwide buyer base can position credit unions to recover more wholesale market value on the sale of their repossessed vehicles. The organization prioritizes transparency in its operations — especially during the bidding process — and ensures customers a thorough audit trail on every repossession sold.
“This partnership not only helps fill a market gap for our credit union members that deal in the auto space, but also by collaborating with Credit Union Resources, E-Dealer Direct has the opportunity to expand its footprint in the Cornerstone region,” Cornerstone vice president of product and business development Jeff Phillipich said in a news release.
E-Dealer chief executive officer Victor Valenzuela added, “Credit unions win when they leverage multiple markets. Our platform reaches over 30,000 buyers nationwide, generating a robust competitive environment for the diverse portfolio of assets our credit union partners allow us to represent.”