PropertyRoom.com enters third-party auction market
The online auction space has another competitor—Mission Viejo, CA-based PropertyRoom.com, an online auction site for unclaimed, forfeited and excess property from law enforcement agencies. It launched auctions for outside sellers three months ago and achieved $1 million in such sales in November.
“The positive response to our seller program has been phenomenal,” said Tom Lane, founder and chairman of PropertyRoom.com. Overstock.com is another recent entrant to the online auction market in competition with industry leader eBay Inc. Sales at PropertyRoom.com pale in comparison to eBay.com, which records $11 billion in gross merchandise sales a quarter. Overstock reported $30 million in auction sales in its first year.
Until it began allowing third parties to sell at its site, PropertyRoom.com had auctioned merchandise itself. The company has contracts with 540 police departments to sell merchandise in the departments’ possession. PropertyRoom.com says it has a waiting list of potential auction sellers.
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