Online sales booming due to economic downturn - WDRB 41 Louisville News

Online sales booming due to economic downturn

Pawn shops, flea markets, and garage sales -- they're all booming because of the struggling economy.  Now there's a new way to turn debt into cash.

Sinclar Noe of KFNN Financial News Radio explains, "Craig's List and eBay have become the new flea market -- an electronic flea market or, for that matter, an electronic pawn shop as the economy has gotten tougher."

Noe explains, "Once you've tapped out that easy money from home equity line and credit card, then you've got to make some tough decisions, and those decisions might just be you sell off the big-screen TV, you get rid of the boat, you get rid of the things that aren't so essential so you can pay for the essentials like gas, food, and mortgage."

That cold hard economic fact means Darin Morgan's business is booming.  It's not taking pictures of tires that makes him money.  His company then uploads that picture to e-Bay and sells the tires for the owner, taking a percentage of the sale price.  His storeroom is filled with items to be sold.  The name of his business ----- Snappy Auctions.

Morgan says he sees people who have stuff to sell as well as people looking for those bargains.  He's sold plenty of jewelry and gold.

One of his best clients, Diane Bernstein, scours second-hand stores such as Goodwill and finds undervalued items.  Then she drops them off at Snappy Auctions:  "They take the picture, do the wording, wrap it, put it on eBay, they do everything.  I just bring it in and wait for the check. I get checks every week." 

Bernstein paid $8 for a Chanel jacket and got over $500 for it.  For some people who aren't in a financial pinch, they see the economic situation as an opportunity to buy.

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