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☆ How TikTok's obsession with pickle-jar sweatshirts has been 'absolutely life-changing' for one seller
▼ + stars: | 2023-10-11 | by ( Dan Whateley | ) www.businessinsider.com time to read: +6 min

One merchant, Jessica Slone, has sold over 43,000 sweatshirts through TikTok Shop. AdvertisementAdvertisementOne seller, Jessica Slone, founder of Bad Addiction Boutique, has sold over 43,000 pickle-jar sweatshirts at $44 a pop through TikTok Shop. The company released a Halloween version of the pickle-jar sweatshirt ahead of the holiday. "TikTok Shop is kind of this roller coaster, and right now it's on this amazing uphill journey," she said. Read more about how TikTok Shop virality is impacting sellers

Persons: TikTok, Jessica Slone, Slone, —, Anker, Slone isn't, It's, Wickles Pickles, Dill Organizations: TikTok, Service, Facebook, Shop, Slone Locations: McClure's, Mt . Olive

☆ Eclipse viewing glasses: How to protect your eyes during the annular eclipse
▼ + stars: | 2023-10-11 | by ( Ashley Strickland | ) edition.cnn.com time to read: +7 min

CNN —On Saturday, an annular solar eclipse will create a scintillating “ring of fire” in the skies across the Americas. A total solar eclipse will cut a path across North America on April 8, 2024. Using eclipse glasses and solar viewersTo view the annular eclipse, wear certified eclipse glasses or use a handheld solar viewer. Put on your eclipse glasses before looking up and remember to turn away from the sun before you remove them again. The small space between will reflect the sun’s crescent during a partial eclipse or a ring during the annular eclipse.

Persons: CNN —, ”, Carrie Black, Alex Lockwood, It’s Organizations: CNN, Americas ., NASA, National Science Foundation, National, Observatory, Science, Planetary Society, American Astronomical Society Locations: North, Central, South America, Alaska, North America

☆ I'm on track to sell $5 million in glassware this year, mainly on Amazon. Research, self-control, and careful planning got me there.
▼ + stars: | 2023-10-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Dragon Glassware glasses. For a bit, I was also renting a warehouse space, but now I have my inventory delivered directly to an Amazon fulfillment center. Plus, I was already using Amazon Multichannel Fulfillment, so it made sense to turn on Buy With Prime as a channel. Dragon Glassware has generated more than $2.1 million in sales this year, and we project an additional $2 million to $3 million before the end of the year. Correction: October 11, 2023 — An earlier version of this story suggested Dragon Glassware was on track to make $5 million using Amazon only.

Persons: Matt Rollens, hadn't, I've, —, It's, we've, Barnes & Noble, that's Organizations: Amazon, Walmart, Prime, Multichannel, Barnes &, Mattel Locations: Sacramento , California, China, Maxx

However, the fall Prime event might have better prices for home goods. In fact, the best prices happened on days that were not key shopping event days. Regardless, the July Prime event offered a deeper discount to shoppers when compared to last year's October Prime sale and Super Saturday. The product did go on sale during last October's Prime member event and this past July's Prime sale, but the discounts were not as deep. Downloads of Amazon's shopping app have declined steadily during each subsequent Prime member shopping event since Amazon's Prime Days in July 2021, according to data intelligence platform Apptopia, which tracks mobile app usage for brands like Amazon.

Persons: Tom Williams, Nick Handrinos, Julie Ramhold, it's, Ramhold, iRobot's, Keurig, AF101, fryer, The Bissell Organizations: Washington , D.C, Cq, Inc, Getty, Adobe, Amazon Prime, Gallup, Finance, Deloitte, CNBC, Electronics, Deal, CoreSight Research, NBC, Scout, Amazon, Sony, Black, Health, Revlon, Philips, July's Locations: Washington ,, Research's U.S

☆ I'm on track to sell $5 million in glassware on Amazon this year. Research, self-control, and careful planning got me there.
▼ + stars: | 2023-10-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

I decided to call my brand Dragon Glassware. Dragon Glassware glasses. For a bit, I was also renting a warehouse space, but now I have my inventory delivered directly into an Amazon fulfillment center. I was an early tester of the new Supply Chain by Amazon product suite . Dragon Glassware has generated more than $2.1 million in sales so far this year, and we're projecting an additional $2-3 million before the end of the year.

Persons: Matt Rollens, hadn't, I've, —, It's, we've, Barnes & Noble, that's Organizations: Walmart, Prime, Barnes &, Mattel, LinkedIn Locations: Sacramento , California, China, Maxx

☆ eBay's first chief AI officer is building AI tools to change how people shop online, saying the AI 'paradigm shift' will happen in three phases
▼ + stars: | 2023-10-10 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

E-commerce companies eBay and Shopify are both building tools that enable online sellers to use AI. eBay chief AI officer Nitzan Mekel-Bobrov said he sees AI bringing a "paradigm shift" to e-commerce. AdvertisementAdvertisementNitzan Mekel-Bobrov joined eBay as the company's first chief AI officer in 2021. Internally, eBay is also developing AI tools that are aimed at improving productivity and creativity for its engineers, analysts, and content creators. Jaffer told Insider that business owners often have specific needs that aren't easily solved by the AI tools that are widely accessible today.

Persons: Nitzan, Bobrov, —, We've, Miqdad, Jaffer, Shopify, They've Organizations: eBay, Service, Canadian, eBay's, Harvard Business School Locations: Shopify

That same year, Amazon unsuccessfully sought to get her recused from agency probes against the company, arguing she was too biased. The District of Columbia also tried to sue Amazon on antitrust grounds before, but its lawsuit was dismissed by a federal judge last year. Experts say the FTC faces a few hurdles in its own case, including convincing the court which slice of the market Amazon is allegedly monopolizing. In a blog post responding to the lawsuit, Amazon General Counsel David Zapolsky accused the FTC of attempting to “gerrymander alleged market” to portray Amazon as something it’s not. The FTC also alleges Amazon keeps sellers dependent on services that have allowed it to collect billions in revenue every year.

Persons: Lina Khan, hasn’t, Khan, Joe Biden, ” Khan, David Zapolsky, “ gerrymander, ”, Neil Saunders, Maurice Stucke, Stucke, Sean Sullivan, they’re Organizations: Federal Trade, Activision Blizzard, FTC, Microsoft, Yale Law, Amazon, of, Walmart, GlobalData, Google, Department of Justice, University of Tennessee, University of Iowa College of Law Locations: California, of Columbia, U.S, monopolization

☆ Home buyers are finally seeing a light at the end of the tunnel, but it is going to be painful for homeowners and sellers
▼ + stars: | 2023-10-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

There is no end in sight for high mortgage rates, and sellers are dropping prices. AdvertisementAdvertisementThe housing market is in an ugly place right now for buyers and while things may be stabilizing, that just means pressure will likely shift from buyers to sellers. Redfin CEO Glenn Kelman made headlines in recent weeks with several interviews where he said the housing market had hit "rock bottom." "The housing market is just taking a beating because affordability is at a four-decade low. While the market might not get worse for buyers, sellers are not yet at rock bottom after enjoying years of rising home values.

Persons: —, Glenn Kelman, Kelman, ZIlloq, Paul Bradbury, Zillow, Jeff Tucker, Redfin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch, Luis M, Alvarez, Tom Barkin, Alou Diarra, Getty Organizations: Service, CNBC, Getty, Cleveland Fed, Altos Research, Rosenberg Research, North, AP, Richmond, Fed Locations: North American

☆ Amazon Prime Big Deal Days is Oct. 10-11, 2023: Here’s How to Shop, Plus Some Early Deals
▼ + stars: | 2023-10-09 | by ( Nick Guy | ) www.wsj.com time to read: +5 min

By Nick GuyAmazon announced it’ll be holding Prime Big Deal Days, its second big sales event of the year, on October 10 and 11. During Prime Big Deal Days you can simply check out without having to browse and hunt down all your items. Pay with your Amazon credit cardThe Amazon Prime Visa credit card offers hard-to-beat cash back rewards for die-hard Amazon Prime shoppers, and even products discounted for Prime Big Deal Days are eligible for the rewards. Much like Black Friday door-busters, the items with the biggest Prime Big Deal Days discounts aren’t necessarily the best products. Compare sales on other sitesAlthough Amazon is the progenitor of Prime Big Deal Days, it’s not the only company offering up deals around this time.

Persons: Nick Guy Amazon, I’ve, ”, you’re, it’s Organizations: Deal, Facebook, Amazon, Visa, Big, Big Deal, Whole Foods, Prime, Walmart, Target

"There's been very little marking down of (private) assets," said Con Keating, head of research at Brighton Rock Group, an insurance company for pension schemes. "No-one knows where the next big blow-up for pensions will come from," said Henry Tapper, founder of pension market analysis group AgeWage. He said heavy selling of commercial property and private equity stakes by pension schemes is raising questions over private capital valuations. "It's the right approach to obviously put some scrutiny on private market valuations." But in deals where private equity firms and investors buy and sell portfolios of investments, assets are being valued at less.

Persons: Yann Tessier, Con Keating, Henry Tapper, EY's, Paul Kitson, Burgiss, Ben Leach, Willis Towers Watson, IOSCO, Wilfred Small, Sinead Cruise, John O'Donnell, Kirsten Donovan Organizations: City of, REUTERS, Britain's, Authority, Brighton Rock Group, Reuters, Numis Securities, Thomson Locations: City, City of London, Canary, London, Britain, Germany, Sweden

Mortgage rates spiked quite a bit last week, with 30-year mortgage rates reaching a high of 7.58%, according to Zillow data. When mortgage rates will fall largely hinges on inflation, and this week's CPI data will give us the latest look at how prices are trending. But right now, experts generally expect that inflation will continue to slow, allowing mortgage rates to trend down throughout 2024. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Labor Statistics, Federal Reserve, Zillow, Fed, Mortgage, Association, Sky Locations: Chevron

☆ One $16 bln deal travels lonely dual track
▼ + stars: | 2023-10-09 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 9 (Reuters Breakingviews) - When courting buyers, sellers like to make it seem as if there are plenty of options. So it is with buyout firms GTCR and Apax Partners as they explore ways to cash in on AssuredPartners, the insurance broker they own together. This parallel process, colloquially called a dual track, can build competitive tension to wheedle a higher price, but it’s too soon for the idea to pose a plausible threat. For example, cybersecurity provider AppDynamics was planning an IPO that would have valued it at around $2 billion in late 2016. Reuters Graphics Reuters GraphicsHigher interest rates have made it harder to borrow and for buyers and sellers to agree on valuations.

Persons: it’s, AppDynamics, Apax, AssuredPartners, GTCR, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Apax Partners, Cisco Systems, Bloomberg, Reuters Graphics, Cisco, SoftBank, Thomson Locations: AssuredPartners

☆ Leaked TikTok campaign brief for Black Friday shows it plans to pump live shopping and reward sellers up to $1,500
▼ + stars: | 2023-10-09 | by ( Dan Whateley | Madeline Stone | ) www.businessinsider.com time to read: +4 min

One source familiar with TikTok Shop's strategy said the company typically recommends at least two hours for a successful shopping stream. A TikTok Shop exec in the UK told Insider in May that the company expects its e-commerce business to shift toward live shopping over time. The 100 top performing videos in each category will earn sellers some amount of credits to promote their shoppable content in-app. The top five posts in terms of order quantity will earn sellers $200 in promote coupons, for example. Similar offerings are available for sellers during TikTok Shop's Black Friday and Cyber Monday push.

Persons: TikTok, Sellers, it's, influencers, Etsy Organizations: TikTok, UK, Insider, Bloomberg, Black Locations: China

☆ Here's how BlackRock's Rick Rieder is navigating the bond market sell-off in his outperforming ETF
▼ + stars: | 2023-10-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

BlackRock global fixed income CIO Rick Rieder said Friday that this year's bond market volatility has created opportunities to buy high quality yields on the cheap. The result is his new fund outperforming some of the biggest bond ETFs during the most recent sell-off. Aggregate Bond ETF (AGG) and 2.2% for the Vanguard Total Bond Market ETF (BND) , the two biggest bond ETFs. BINC 1M mountain BlackRock's BINC has held up better than major bond ETFs over the past month. "I think what people underestimate is the long end of the bond market, the 30-year Treasury, is about the same volatility as the stock market," he said.

Persons: Rick Rieder, Rieder, We've Organizations: BlackRock, Rieder, Aggregate Bond, Vanguard, Bond Market, CNBC, Treasury, Corporate Bond Fund, Fed, AAA, Mortgage, SEC Locations: BlackRock, Mexico, Brazil, Japan, iShares, United States, U.S

☆ 'It's just a matter of time': After predicting the financial crisis, 'Oracle of Wall Street' Meredith Whitney shares the biggest risk she sees for the housing market — and 4 states where homeowners wi
▼ + stars: | 2023-10-08 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Instead, the CEO of the eponymous investment research firm Meredith Whitney Advisory Group is concerned that the US housing market will face a correction in the coming years. Baby boomers may cause home values to sinkWhitney believes property prices are destined to fall under pressure as demographic shifts reverse deep-rooted supply-demand dynamics. An unprecedented pace of property price growth has disproportionately benefited baby boomers and the silent generation. However, Whitney said that an aging US population won't cause the housing market to crash overnight. While Whitney reserves her full insights for clients, she named four states where property prices will eventually weaken: Pennsylvania, Connecticut, New Jersey, and Illinois.

Persons: Meredith Whitney, Oppenheimer, Meredith, Whitney, haven't, CoreLogic There's, That's, you've, that's, it's Organizations: Citigroup, Advisory, National Association of Realtors Locations: Statista, Pennsylvania, Connecticut , New Jersey, Illinois, Texas

☆ Organic? Free range? What do food labels actually mean?
▼ + stars: | 2023-10-07 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +8 min

New York CNN —Navigating the grocery aisle is overwhelming, especially when trying to make sense of food labels. Shoppers who want to know where their food comes from, or how long it will last, have to work even harder. Government agencies have strict guidelines for food safety and nutrition labels on packaged foods. But other information like sell-by dates or animal welfare labels are less regulated — and some are effectively meaningless. Here’s how to know what you’re looking at when you’re reading food labels.

Persons: Scott Olson, “, ”, “ FSIS, Dena Jones, Jones Organizations: New, New York CNN, Nutrition, Shoppers, Government, USDA, ” Companies, Safety, USDA’s Agricultural Research Service, Animal Welfare Institute, Global Animal Partnership Locations: New York, Chicago

☆ Kazakh fintech Freedom Holding is being investigated by DOJ, SEC, documents show
▼ + stars: | 2023-10-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The SEC's Boston regional office has been probing Freedom for months, according to documents seen by CNBC and people familiar with the matter. The U.S. Attorney's Office for Massachusetts is also making preliminary inquiries into Freedom, documents seen by CNBC show. Nearly 115,000 Freedom shares changed hands in the first half hour of trading, 1.25 times the stock's 10-day average. Turlov and Freedom are aware of the SEC probe, which has been going on for months, a person familiar with the matter told CNBC. An SEC spokesperson told CNBC that it doesn't comment on the existence or nonexistence of an investigation.

Persons: that's, Timur Turlov, Turlov, Hindenburg, Citron Organizations: Nasdaq, Securities, Exchange, CNBC, Boston, Attorney's, Massachusetts, SEC, DOJ, Justice, Hindenburg, Citron Research, Las, Trump, Financial, Financial Industry, Authority, Freedom Locations: Almaty, Kazakhstan, Russian, U.S, Kazakh, Central Asia, Eastern Europe, New York, Las Vegas, New

☆ S.Africa's first virtual renewable electricity transfer model to go live next year
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Siphiwe Sibeko/File Photo Acquire Licensing RightsJOHANNESBURG, Oct 6 (Reuters) - South Africa's first virtual electricity transfer model is likely to go live by end of next year, a top government official said on Friday, a move that could rapidly ramp up renewable power consumption and reduce the burden on ailing state utility Eskom. The utility in August signed an agreement with Vodacom (VODJ.J), the African telecoms arm of Vodafone (VOD.L), to introduce an electricity transfer model known as virtual wheeling, which will allow a consumer to buy renewable power from any producer anywhere in the country. This is expected to make power from large renewable producers available to smaller users such as standalone buildings, housing societies and factories. "What we're trying to resolve really is to ensure that we protect the South African economy from total collapse," Minister of Electricity Kgosientsho Ramokgopa said during a conference. Vodacom's South Africa Chief Executive Sitho Mdlalose told Reuters this would help it to run its 15,000 network sites on renewable power.

Persons: Sun, Siphiwe, Ramokgopa, Onicah Rantwane, Sitho Mdlalose, Nqobile, Promit Mukherjee, Kirsten Donovan Organizations: Kendal Power, REUTERS, Rights, Vodacom, Vodafone, Electricity, Eskom, Reuters, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Rights JOHANNESBURG

☆ Alibaba's Lazada is courting sellers affected by Indonesia's e-commerce ban on social media
▼ + stars: | 2023-10-06 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Lazada is the third-largest e-commerce player in Indonesia, after Sea Limited's Shopee and Tokopedia, according to Momentum Works. Lazada, a Southeast Asian e-commerce marketplace owned by Alibaba , is courting sellers affected by Indonesia's latest e-commerce regulation, its Indonesia CEO James Chang told employees in a town hall meeting on Friday. In recent weeks, Indonesia has cracked down on social media platforms facilitating e-commerce, such as TikTok, in a bid to protect domestic businesses. Indonesia banned social media purchases and set a one-week deadline last week for TikTok to become a standalone app, without any e-commerce feature, or face closure. In response, TikTok Indonesia said Tuesday that it will comply with local laws and stop facilitating e-commerce purchases.

Persons: Lazada, James Chang, Chang, Joko Widodo Organizations: Works, CNBC, TikTok Locations: Indonesia, TikTok Indonesia

☆ The Queen’s question returns with a vengeance
▼ + stars: | 2023-10-06 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

The world’s leading central banks had spent the previous two decades focusing on low inflation, neglecting risks to financial stability. Central bankers counter correctly that predictive accuracy is not the same as explanatory power. Yet it is far from clear how today’s independent central banks should respond to these overtly political struggles. In 2021, when the Phillips Curve was asleep at the wheel, the growth in the money supply was flashing red. The unfortunate truth is that there are many answers to the Queen’s question this time round – but no single magic solution.

Persons: Elizabeth, Prince Andrew , Duke, York, Prince Philip , Duke of Edinburgh, Tom Nicholson, Queen Elizabeth, Ben Bernanke, don’t, Phillips, Isabella Weber, Guido Lorenzoni, Andrew Bailey, monetarism, Milton Friedman, Anna Schwartz, Winston Churchill, Bernanke, Peter Thal Larsen, Oliver Taslic, Thomas Shum 私, 「 Organizations: Westminster Abbey, REUTERS, Reuters, Bank of England, U.S . Federal, Phillips, University of Massachusetts Amherst, University of Chicago, MIT, United, 「 Reuters Locations: Westminster, London, Britain, British, Central, Ukraine, Paris, United States

Ruckel had to make a choice: Lower the price on Amazon or ask Chewy to raise the price of his product. The company also invests in tools to help sellers offer “competitive prices,” he said. Scott Needham, who sells on Amazon and runs a product-finder tool for other Amazon sellers, said he was “surprised by some of the points that the FTC selected.”watch now“I have over the years been very critical of Amazon,” Needham told CNBC. Competitors like Shopify and Walmart are increasingly viable alternatives for many categories of sellers, Needham said, not to mention rapidly growing Chinese e=commerce companies like Temu. Among those is a greater ability for Amazon sellers to communicate with buyers, offering select customers certain promotions.

Persons: Watchara, Fred Ruckel, Ruckel, Chewy, Fred Ruckel's, that’s, David Zapolsky, ”, ” Zapolsky, “, ” “, I'm, commenter, Scott Needham, ” Needham, “ I’ve, Needham, I’m, ” Scott Moller, Moller, ” Moller, ecommerce, he’s, Molson Hart, Hart Organizations: MediaNews, Riverside Press, Enterprise, Getty, Amazon, CNBC, Federal Trade Commission, FTC, Walmart Locations: Eastvale , California, Amazon’s

☆ Record online discounts are coming this holiday season
▼ + stars: | 2023-10-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

And the company predicts the strategy will work, with online holiday sales climbing almost 5% above last year. Retailers are poised to offer up to 35% off listed prices this holiday season, with the deepest discounts applied to toys, electronics and apparel, Adobe said in its annual holiday forecast. Buy Now, Pay Later is expected to drive a record $17 billion in online spending this holiday season, up 17% from 2022, Adobe said. Americans are also doing more and more holiday shopping (and shopping in general) on smartphones and tablets. That means Adobe’s 2023 holiday shopping forecast for solid sales growth would signal a genuine increase in demand from consumers.

Persons: they’re Organizations: New York CNN Business —, Adobe Analytics, Retailers, Adobe, PlayStation, Madden NFL, Amazon, PayPal, Commerce Department

☆ Analysis: When, not if, Europe copies Wall Street share trading reform
▼ + stars: | 2023-10-05 | by ( Huw Jones | ) www.reuters.com time to read: +6 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. A shorter settlement time might increase efficiency, cut collateral needs, and "increase the competitiveness and the attractiveness of EU financial markets", ESMA said. ESMA is seeking views for a cost/benefit analysis of moving to at least T+1, though few believe it will not go ahead given advances in technology, regulatory pressure, and gravitational pull of Wall Street. EFAMA, a European funds industry body, says the move on Wall Street will require changes to existing IT systems for European firms and U.S. investors who trade European shares. There is already talk of moving to the next stage after T+1: instant or simultaneous settlement.

Persons: Carlo Allegri, ESMA, Pete Tomlinson, Richard Knox, Charlie Geffen, Geffen, AFME's Tomlinson, Huw Jones, Alison Williams Organizations: New York Stock, REUTERS, European, EU, U.S, Federal Reserve, Association for Financial Markets, Bankers, SWIFT Institute, CLS, Financial, UK, Thomson Locations: Manhattan, New York City , New York, U.S, European Union, Britain, Switzerland, Europe, United States, Canada, London, Brussels, Luxembourg, Madrid, Mainland China

London CNN —Intelligence officers in Belgium are monitoring Alibaba’s logistics hub in Europe for possible espionage on behalf of the Chinese government. Belgium’s state security service VSSE told CNN Thursday it was watching the activities of Alibaba’s (BABA) logistics arm, Cainiao, at the country’s Liège cargo airport. “We strongly deny the allegations [which are] based on prior conjecture,” Cainiao told CNN in a statement. Liège airport announced in 2018 that it had struck a deal with Cainiao to become its European logistics hub. Last month, Alibaba announced a plan to spin off and list Cainiao on the Hong Kong Stock Exchange.

Persons: VSSE, “, ” Cainiao, Cainiao, Eric Lalmand, Alibaba, — Juliana Liu Organizations: London CNN — Intelligence, CNN, Financial Times, Cainiao, Getty, European Union, Hong Kong Stock Exchange Locations: Belgium, Europe, Liège, AFP, Belgian, Berlin, Hamburg

☆ UK’s Motorway takes eBay approach for consumers to sell cars to dealers
▼ + stars: | 2023-10-05 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

EBay also sells cars in the UK, though its own marketplace consists of consumers or dealers selling to consumers. The pandemic "acted as a massive accelerant" for Motorway because physical auctions were closed for months and dealers needed access to cars, Leathes said. In 2022, its auctions doubled to 1.7 billion pounds ($2.06 billion). That should double again this year, giving Motorway around a 5% share in a UK used-car market worth 80 billion pounds, Leathes said. Dealers can now use "wallets" for multiple transactions and Motorway now picks up around 30% of the cars it sells and delivers them to dealers.

Persons: Tom Leathes, Leathes, Nick Templeton, Templeton, Lewis Jent, Nick Carey, Nick Zieminski Organizations: eBay, Reuters, EBay, Index Ventures, Growth, BMW I Ventures, BMW, Dealers, Tesla, Thomson Locations: Britain, U.S, Leathes, CarShop

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