NuMarkets handles eBay sales
Eric Petersen, a private investor and former investment banker, considers himself a student of eBay. Petersen, from Wanship, began studying the online selling industry and saw a potential business opportunity based on the high ratio of buyers to sellers. "Most of us will never get around to take the time to figure out how to sell [our stuff] online," he said. On Dec. 5, Petersen opened NuMarkets, a company that handles the eBay selling process for customers. NuMarkets’ two stores are located at 2120 South 300 west in Salt Lake City and at 756 East Fort Union Boulevard in Midvale. Petersen said he hopes to open a NuMarkets location in Park City in 2006.
Customers can drop off items they want to sell or they can request pick up delivery from NuMarkets for an extra five percent commission on the sale of each item. NuMarkets will conduct research, take and edit pictures, write descriptions, set up the eBay account and manage auction inquiries. Once the auction closes, NuMarkets will arrange payments from the buyer, pack and ship the item and cut the seller a check. "This is a new and emerging sector and a new and emerging service," Petersen said. Common items to sell on eBay are electronics, antique collectibles and sporting goods. Before setting a price for each auction, Petersen said NuMarkes employees will research the item online and on eBay, search through a database of popular items and use reference books on topics such as antique furniture, jewelry, glassware and how to distinguish authentic items from fakes and forgeries. NuMarkets commission is 40 percent for items up to $35 and 33 percent for items $35 to $499.99. The company collects 25 percent for $500 to $1,000 items and 15 percent for items that sell for over $1,000. NuMarkets does not have size restrictions, and will ship heavy items using cargo freight.
NuMarkets recently managed the eBay sale of several high-end shoes from a woman who previously owned a boutique. They also sold a Johny G spinner workout bicycle in a local eBay auction for $450. Petersen said he hopes NuMarkets will be used as a fundraising tool for local nonprofits, by donors selling items and sending the check to their charity. He believes this would help people with no cash resources to spare, but who have stuff they can sell. NuMarkets often starts their auctions at a low opening bid price, Petersen said, to draw attention to the item and to create competition to hopefully drive up the price. He added, that if customers want to set a reserve price, or a minimum value they will accept for their item, NuMarkets will charge $20 plus two percent of the reserve price of the item. This will be refunded if the item sells.
NuMarkets, located at 2120 South 300 West in Salt Lake City and 756 East Fort Union Boulevard in Midvale, is open from 10 a.m. to 6 p.m. Mon.-Fri. and 10 a.m. to 2 p.m. on Saturday. For more information call (801) 568-3727, (801) 463-1281 or email fortunionor saltlake
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