CHATSWORTH, Calif. -- Telesis Community Credit Union has become the sole equity owner of AutoSeekers, a national, credit union-owned and operated automotive dealership.
Prior to the purchase, $608 million Telesis shared equity interest with $132 million California Bear Credit Union in Los Angeles.
"The acquisition presents many opportunities beneficial for credit unions and their members. Telesis has shown--through the work they've done with Business Partners, their MBL CUSO--that they have the resources to position AutoSeekers in the marketplace, giving credit unions and their members a more robust auto-lending solution," said Walt Agius, president/CEO of California Bear Credit Union.
Since its inception, AutoSeekers has grown from a retail-focused dealership to one that also provides credit unions with wholesale and indirect lending services. The mission of AutoSeekers is to help credit unions provide their members with a "hassle-free" car-buying experience, while simultaneously helping these credit union participants capture their members' auto loans.
"This acquisition will strengthen AutoSeekers' ability to provide our credit union partners and ultimately our communities with convenient, cost-effective auto options. We remain committed to upholding the AutoSeekers mission by developing custom workflow management applications and expanding the reach of our dealer network," said Grace Mayo, president/CEO of Telesis.