"Part of our expertise is giving advice on what to fix and what not to fix. We have a policy that we only make repairs if we put $1 in and get $3 back. So if the credit union makes a repair for $100, we're only going to suggest they do it if they're going to get $300 back for it," Seger said.

When the car is ready to be sold at an auction is when the big advantage the partnership brings to credit union takes place, Seger said. Partnering with a large company like GE gives credit unions better positioning for their cars at auctions and an earlier show time.

"We're the big Coke display for $3.99 a case in the front of the grocery store on Labor Day weekend," Seger said. "We get the cars to sell earlier in the sale when people have more money."

Hopkins said that one of the main reasons that the league wanted to pursue the partnership with GE was that he saw the difference in positions at auctions between large liquidators and credit unions.

"We saw what potential there was to improve credit unions' performances at these auctions, and now, with the number of repossessions, we saw the need with witnessing what credit unions are going through at these auctions," Hopkins said.

A typical auction Hopkins said has approximately 20 lanes of cars and begins at 8:30 a.m. The further down in lane spots you are and the later in the day you appear, the worse off you will be. Hopkins said that partnering with GE allows credit unions to typically appear first and run in the first or second lane.

"They also get the advantage of having marketing behind the sale, GE brings in additional buyers to the lane, whereas credit unions just mainly see who shows up. It's a night and day difference with marketing behind the sale."

If GE does not sell the credit union's car during an auction, it will use off-week sales and Internet-based auctions to get additional exposure for the car. GE also provides the credit union with electronic reporting and settlement following the sale of the car.

One year ago Hopkins said that they were seeing 30 to 40 cars a month going to auctions from credit unions. Now he said they are going to have over 500 cars this quarter that went to auction from credit unions.

Seger also said that now is a challenging time and that they are seeing higher repossession amounts than usual among credit union clients. Seger said over the last few years credit unions have grown their portfolios by partnering with dealerships and now with the economy they are seeing an increase in repossessions.

Another aspect of the partnership is that GE has a team of people that are present at every auction; while most credit unions that go into the auction on their own have to rely on representatives through the auction.

"The average experience of our representatives is 19 years. So these are seasoned people," Seger said.

Seger also said that GE measures all their results so they are not just relying on guesses, their advice and methods are based upon analysis.

About four times a year, the Florida Credit Union League offers a forum to credit union executives at a car auction. Along with attending the auction credit union executives discuss the market and learn about the process. On Oct. 15, the league will be offering its biggest forum at the Central Florida Auto Auction.

"At the forum, aside from attending the auction, we take them through what a day at the auction is like. We show them where they can lose and make money and show them the process to get the more from their repossessed car," Hopkins said.

At the upcoming forum, Hopkins said they expect a turnout of 20 to 25 large credit union CEOs. Florida league CEO Guy Hood will be attending to facilitate a discussion that will include auction experts, liquidation professionals and credit union leaders.

"The level of satisfaction we've seen with this program is high," Hopkins said. "It's a program that's unique in this world."

Seger said that credit unions interested in the partnership can get involved through the Florida league. Credit unions that aren't part of the league can contact GE directly. GE also has partnerships with other credit union leagues.

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