Treasures Abound with Online Pawnshop Auctions
Pawhshops Begin to sell their inventory online at niche auction sites.
(PRWEB) April 20, 2005 -- Everyday thousands of Pawnshops loan individuals
money on property they pawn. Everything from Jewelry to sporting goods and
Rolexes to Cameras, there is nothing that you cannot find in a pawnshop.
Sometimes it takes a little longer to find what you want but it’s there in a
pawnshop somewhere in the world. These same pawnshops provide a tremendous
service to individuals in there own communities, but how do the pawnshops make
their money. In most cases, it’s from the interest that the person pays when
they reclaim the pawned item or items. About 82% of the pawned items are
returned to the person that pawned the item. But what happens to the items that
are not returned. The pawnshop takes ownership by forfeiture. This is where the
time has expired and the person has not returned to pick the item up, sometimes
due to economic circumstances and other times they don’t have any interest in
getting the item back. Maybe it’s a wedding ring from a divorce or a music
instrument that is no longer played. Whatever the reason, there is always equity
in the items but not always interest in the local market.
Pawnshops are
inundated with inventory that has been forfeited, the only way that they are
able to get their money back is by selling these items at a fair market price.
Usually this means that there will be considerable equity left. In some
pawnshops, such as Beverly Loan Co in Beverly Hills, they have pawned items such
as Ruby and Diamond Bras to Sports cars. A quick search on a search engine such
as Google.com and you will find articles about the wealthy pawning their highend
property and the Every Day Average Joe doing the same.
The problem that
pawnshops are having now is liquidating this forfeited property. The cost of
selling these items online thru some web based auction sites are cost
prohibitive. By the time you include all the cost associated with selling the
property, the shop owner usually ends up losing money. Recently, websites such
as www.Epawnauction.com
and Pawnshop Auction Network have teamed up to provide a place that shop owners
could come together and sell this merchandise without any insertion fees. This
new online community is helping to serve the local economies of the shops as
well as providing a resource for the shops to address issues and concerns with
other shops in real time.
There are alot of great deals to be found
online, start by going to www.Epawnauction.com to see what is out there.
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Source : http://www.prweb.com/releases/2005/4/prweb230800.htm