The NCUA is standing by its decision to limit bids for Autoland Inc., an auto buying CUSO, to only credit unions and CUSOs.
For more than three months, the NCUA had considered several bidders to buy Telesis Community Credit Union's $4 million stake in Autoland. The financially troubled Chatsworth, Calif.-based cooperative was liquidated on June 1, and its assets were purchased by the $1.3 billion Premier America Credit Union, also located in Chatsworth.
In mid-June, Auto Solution Inc., a vehicle brokerage firm that works with more than 300 credit unions in Oregon, Washington and the Northwest, put in a bid to buy a portion of Autoland. Mark Loebner, owner of ASI, said the company's request was rejected by the NCUA because the agency wanted to keep the bids limited to credit unions and CUSOs.
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