Pacific Growth Equities analyst Derek Brown thinks that Overstock is beginning to get traction in its auction business. He sent a note outlining the evidence to clients, including the following paragraphs:
Overstock.com Auctions garnered a surprising amount of attention from sellers at the recent PeSA Spring Summit 2005.
On March 18–20, we participated in the Professional eBay Sellers Alliance (PeSA) Spring Summit 2005 in Atlanta, Georgia. We felt attendance was extraordinary at more than 200, including representatives from a number of the larger merchants selling on eBay (EBAY: NASDAQ; Under Weight), as well as employees of eBay, Overstock.com, Amazon.com (AMZN: NASDAQ; Not Rated), ChannelAdvisor (private), Marketworks (private), buySAFE (private), and Vendio (private), among other companies. Founded in 2003, the Professional eBay Sellers Alliance (PeSA) is a non-profit trade association comprised of roughly 700 high-volume eBay sellers. Originally created as a forum for the exchange of ideas specific to the issues faced by large merchants on eBay, PeSA’s mission is now to “provide a forum for members to exchange innovative and creative ideas and business solutions for the purposes of leveraging strategic or technological influence with online selling platforms; perpetuating the professional education of members; developing benefits for members through pooled purchasing influence; increasing the exposure, trading volume, and profitability of members; and representing a collective voice to the market, the industry, media, and policymakers.