What a steal: A Web site sells stolen items
PropertyRoom.com sells lost, stolen or forfeited goods from police departments.
(FSB Magazine) -- Last year PropertyRoom.com, an auction Web site that sells lost, stolen or forfeited goods from police departments, opened its doors to third-party vendors.
Revenues jumped 33 percent, to $8 million, and are projected to hit $10 million to $12 million in 2006.
NO DOT-CONS: PropertyRoom.com has signed up more than 750 departments since it was launched in 1999, and its 70 employees ensure each product's authenticity and condition.
By extending that vigilance to third-party vendors - conducting background checks on all merchants, including jewelers and electronics sellers - the company hopes to allay the concerns of e-shoppers. "We're after a fraud-free environment on the Internet," Lane says.
A NEW BEAT: Today about 50 percent of the site's gross sales come from its third-party vendor program. And the firm is developing new partnerships: selling surplus goods from government bureaus and unwanted props from movie sets.
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