| An SI Board Since March 1999 |
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USPN |
| Emcee:
GBT
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Type:
Unmoderated
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U.S. Pawn announces on 3/19/99 in Newsweek.com that it will be opening a internet aution site. U.S. Pawn is a large pawn broker, with 13 stores located in the western United States. They currently have 75,000 items that plan on putting on their auction site. USPN hopes to eventually link all pawn brokers up to their virtual pawn shop and charge commissions. This web site should allow them to maximize their price that they receive for items, increase inventory turnover and efficiency, which will free up substantial captal that will be used in the planned rapid expansion of their company.
USPN's CEO stated, " through the rapid growth and development of the internet, e-commerce and online autcions has greatly impacted many industries, none will be more positively affected than the pawn industry. Due to the very nature of our business, we come into possession of many items, which are both unique and valuable. Informed consumers have always canvassed pawnshops looking for rare musical instruments, jewelry and other collectibles at bargain prices. Through the internet, we will be able to offer potential customers worldwide the ability to search our inventory for specific items. In addition, we will be able to more narrowly define our merchandise for registration with internet search engines, which will facilitate our ability to reach online customers. We will also provide our customers with a guarantee of the nature and condition of the items to be auctioned.
This should become one of the hottest auction sites on the web. The ability to search for a specific used item and to get a guarantee on the product lends itself to a huge custmomer base. I would love to look for good deals at pawn shops...not to mention being able to browse a network of pawn brokers for speciality items. The future looks very bright for this new online auction.
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