Aimbridge Automotive Forms Aimbridge Disposition Services; Company Helps Credit Unions Minimize Loss and Expense in Repossessed Automobile Disposition.

Business Editors

DENVER--(BUSINESS WIRE)--Aug. 6, 2003

Aimbridge Automotive, a division of The Aimbridge Group that provides credit unions with an alternative to traditional automotive dealership systems, announced the formation of Aimbridge Disposition Services, LLC. Aimbridge Disposition Services helps credit unions and other financial organizations minimize the loss and expense involved in the disposing of repossessed automobiles. Glenn Carroll, former executive vice president of operations for The Aimbridge Group, has been named partner, president and CEO of the new company.

"When a credit union repossesses a vehicle, it is faced with several issues. The vehicle depreciates rapidly. It must be stored, readied for sale, and ultimately sold through competitive bids," Carroll said. "All of these matters require extensive knowledge, time and money. At Aimbridge, we have the resources to safely store vehicles. We have our own service department should reconditioning or mechanical repairs be required so credit unions will not have to contract with any mechanics. We also have the knowledge and expertise combined with a strong network of dealers and wholesalers to successfully negotiate the maximum sales prices for the repossessed vehicles.

"Our objective is to mitigate a credit union's loan loss on a repossessed vehicle and make it revenue neutral," said Carroll. "This is particularly important in today's economy when more vehicles than expected are coming back to the credit union, and used car market prices continue to be soft because of low interest rates and cash rebates on new vehicles."

Aimbridge Disposition Services, which The Aimbridge Group plans to expand nationally, is modeled after Colorado-based Western Automotive Services (WAS), a disposition company created by The Aimbridge Group in 1987. Turnaround time on a vehicle is typically 10 days from arrival to sale. Additionally, credit unions using the company's services realize an average net selling price of $929 more per vehicle than transactions going through a typical wholesale auction. Working with Aimbridge also saves credit unions hundreds of dollars in auction fees.

"We feel strongly that Aimbridge Disposition Services is a valuable service to credit unions," Steve Bentley, CEO of The Aimbridge Group said. "Aimbridge Disposition Services solicits and compares all bids while the credit union simply approves the transaction and cashes the check."

After a credit union repossesses a vehicle and delivers it to Aimbridge Disposition Service's secured lot, Aimbridge takes the vehicle into its services center. At the center, the oil is changed and, if requested, the vehicle is detailed. Next, Aimbridge Disposition Service's appraisers complete a report on the condition of the vehicle, including the interior, exterior and engine. An auction report is processed, analyzing the market for that particular vehicle at automobile auctions across the country. Employees at Aimbridge Disposition Services provide a market analysis by merging the condition of the car with current marketplace conditions to give the credit union an estimate of the bid that can be expected for the vehicle.

After the credit union has approved the sale of the vehicle, the check is delivered to the credit union within 48 hours of the title transfer. The credit union can lend the funds back out to begin earning interest again as soon as possible.

About The Aimbridge Group

Founded in 1984 and headquartered in Denver, The Aimbridge Group markets financial products, such as auto loans and leases, mortgages and insurance products through partnerships with credit unions. The company helps their partners attract members and deepen their relationships by providing members with more reasons to do business with their credit unions.

The Aimbridge Group is comprised of five divisions, including Aimbridge Indirect Lending, Aimbridge Leasing, Aimbridge Mortgage, Aimbridge Financial Services and Aimbridge Automotive Group. While the company is headquartered in Denver, it has remote offices in Austin, Texas; Dallas; St. Louis; Pequannock, N.J.; Chicago; Charleston, S.C. and Jacksonville, Tampa, Orlando and Miami in Fla. For additional information, write The Aimbridge Group at 4610 S. Ulster St., Suite 300, Denver, Colorado 80237 or contact Glenn Carroll at 303-306-3291. Visit its Web site at www.aimbridge.com.