RealTime IT News

Pawn Shop Operation Plans Online Presence

Westminster, CO-based US Pawn Inc. signed an agreement with Sirco International in Stamford, CT whereby Sirco's subsidiary, WebQuill Internet Services LLC, will provide development and management services for US Pawn's new e-commerce and auction sites.

When completed, US Pawn said its sites will offer selected items from its 13-store inventory of more than 75,000 items directly to Internet customers.

Eventually the company will link other pawnshops into the auction site and take a commission on sales of their items, Phil Davis, a company spokesman, told Reuters.

But the traditional pawnshop small loan service will not be offered online right away because of regional and local laws that have to be accounted for, Davis said.

"Though the rapid growth and development of the Internet, e-commerce and online auctions has greatly impacted many industries, none will be more positively affected than the pawn industry," said Charles C. Van Gundy, US Pawn's CEO.

"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. Though the use of the Internet, we will be able to offer potential customers the ability to search our inventory for specific items."

Henry Azer, WebQuill's CEO, said: "US Pawn will be offering its own merchandise to online consumers and will therefore be able to provide its customers with a guarantee of the nature and condition of the items to be auctioned. We are excited about the potential of these sites and look forward to working with US Pawn."