|Thu Jan 10 2008 21:37:03|
Overstock's Patrick Byrne Is Happy with Auction Experiment
By: Ina Steiner
Overstock.com CEO Patrick Byrne congratulated the Overstock Auctions community, writing on a company discussion board, "you made it." He said the experimental "alternative to eBay" paid for itself in 2007 with "even left a few sheckles over." But don't expect to learn what kind of success Overstock Auctions was in dollars and cents - the company stopped reporting auction gross merchandise volume in 2007 because it was not significant enough to report on its own, and the company now lumps it in with fulfillment partner revenue.
Overstock Auctions made deep cuts in its cost structure, he said, including reducing the pay of its staff. Byrne wrote, "Auctions has gone from a costly experiment to, finally, a fine little business for us," he wrote on his blog, adding, "And, I hope, for you."
Byrne also announced he was closing the section of the boards devoted to his writing called "Take 5 with Patrick." Instead, he has launched a blog called "DeepCapture.com" housed on the Overstock.com site under the Community tab. Byrne said the blog "develops a series of arguments concerning corruption on Wall Street, DC, and in the major institutions of our society, including the financial press." Byrne has even added a section of the site to describe his ongoing battle against naked short selling, with links on the bottom of the Overstock.com pages.