Posts Tagged ‘Pawn Loans’
Tuesday, October 25th, 2011
From ABC Action News Dot Com
By: Scripps Howard News Service
Pawnshops, once considered the seamy underside of commerce, have become a mainstream destination for individuals and small businesses looking to cope in today’s economy.
A recent market report by industry research firm IBISWorld in Los Angeles said the pawnshop industry “has thrived through tough economic times,” with a 2.6 percent annual growth rate since 2006.
During that time, industry profit margins increased from 15.5 percent of revenue to 17.5 percent.
IBISWorld forecasts 2011 revenue at $6.1 billion nationwide; it’s expected to approach $7 billion by 2016.
IBISWorld’s analysis flatly states: “Declining economic conditions, including rising unemployment and falling income, have caused cash-strapped consumers to turn to pawn shops for immediate relief.”
The proliferation of pawnshops in the mainstream financial lending/retail sectors has spawned some players decidedly removed from past pawn shop history.
The high-end Boca Raton Pawn outlet in South Florida touts designer handbags, pricey powerboats and eye-popping five-figure watches. In June this year, the founders of the Groupon daily online deal helped launch Pawngo.com, which bills itself as “the first full-service online pawn shop” in the United States.
None of this is a surprise to Stanley Lukowicz III, vice president of Capital City Loan and Jewelry in Sacramento, Calif. His father, Stanley Lukowicz, started the family business in 1992
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Tags: consumer credit, Credit Crunch, Pawn Loans, pawnbroker, Pawngo, pawnshop
Posted in Pawn Ecomomics | 1 Comment »
Thursday, October 13th, 2011
From Mainstreet Dot Com
How to Find Deals at a Pawn Shop
By Jeanine Skowronski
NEW YORK (MainStreet) — Forget scouring thrift stores or garage sales. The real place to score some seriously awesome secondhand goods is your local pawn shop.
“There are a variety of items you can find good deals on at pawn shops,” says Reyne Haines, an antiques/vintage expert who has been featured on PBS’ Antiques Road Show. She explains that many pawn shops sell deeply discounted electronics, fine jewelry, musical instruments and an array of collectibles or antiques that can net high prices in their respective niche markets.
This diverse inventory has to do with a pawn shop’s business model.
“Most pawn brokers are retailers by default,” says Stephen Krupnik, a former pawnbroker and current industry consultant who wrote the book Pawnonomics. Instead, shop owners make a majority of their profits off of the loans they hand on items used as collateral. These pawns are held for a short period of time — typically between 30 to 90 days, depending on state laws — with interest, which also varies by establishment.
Krupnik says the hope is that the pawn’s owner will either make good on or extend their loan and, while pawnbrokers also purchase items outright, a majority of what winds up on their store’s floor is merchandise that was ultimately defaulted on.
These products are typically priced at a steal.
“We discount it at a low price because we want to move the merchandise,” says Seth Gold, co-owner of Detroit’s American Jewelry and Loan pawn shop.
Les Gold, the other owner of the American Jewelry and Loan pawn shop who co-stars with son Seth on truTV series Hardcore Pawn, says they hand out around 500 loans for every five items they buy outright. As a point of reference, their loans initially carry a 90-day redemption window with a 3% per month interest rate. There is also a $1 charge for storage.
“If we can make 10%, we’re happy,” adds Les, as the aim is to quickly bring in revenue to make more loans.
But it’s not just the need to liquidate that guarantees there will be some quality goods on sale.
“If you go into a pawn shop, there is always a lot of great stuff on sale, because owners wouldn’t have loaned money on it if they didn’t think they could make the sale,“ Krupnik points out.
How can you find the best items at the lowest prices? MainStreet asked the experts for a few tips.
Look for lesser-named brands or small-ticket items.
Pawn shop owners all have a certain amount of product knowledge so they can adequately price their loans or broker sales, but Krupnik points out “not all brokers are created equal.”
While most owners will be well-versed in big names like Apple, Tiffany, Cartier or Rolex, they are less apt to recognize or devote a lot of attention to smaller manufacturers, especially if they make lower-ticket items (essentially everything other than fine jewelry or electronics).
For instance, Haines says owners may not be overly familiar with Elgin watches (a brand popular amongst collectors), foreign manufacturers, sterling silver or costume jewelry. They’re also not always going to recognize an antique or vintage item every time they see one.
“A pawn dealer isn’t going to research every vinyl record that comes through the door,” she says.
As such, conscientious consumers can find great buys if they research a niche market they are visiting their local pawn shop.
“Knowledge is power,” Haines says. She suggests joining a collector’s club, visiting auction sites or buying an inexpensive book at the bookstore as way to better familiarize yourself with a particular item if you’re interested in some http://www.mainstreet.com/article/smart-spending/bargains/deals/trash-tr… trash-to-treasure steals.
Negotiate the price.
This is not to say that you can’t get a good deal on the big-ticket items as well. Krupnik says most pawnbrokers price merchandise at around one-third or half of the item’s retail value.
Additionally, unlike a luxury retailer or even a farmer’s market, it is perfectly acceptable to ask for a lower price on an item you are interested in. In fact, it’s almost expected.
“We have price tags on all the jewelry, but these are negotiable,” Seth says. He advises first-time customers to “always throw out a price” on the items they are seriously looking to buy.
Customers can also barter.
“You don’t necessarily have to pay cash,” Krupnik says.
Those who aren’t accustomed to price negotiations can find other tips for how to do so in MainStreet’s ultimate guide to haggling.
Pay attention to the product’s condition.
If it is antiques and collectibles you’re seeking, it is important to check the item completely to make sure it is in good condition.
“Buy something as pristine as can be,” Haines says. This is because scratches, rust, missing paint or missing parts can all “take away a majority of the item’s value.”
Find out the shop’s return policy.
Reputable pawn shops will have a return policy, Krupnik says, so inquiring about its terms and conditions is one of the easiest ways to verify the establishment is on the up and up.
“If [a shop] has no return policy, you should probably refrain from doing business with them,” he advises, unless the item is being sold on clearance or there is a defect the shop owner is telling you upfront about.
For more on how pawn shops have changed recently, check out MainStreet’s Q&A with Rick Harrison, star of The History Channel’s popular show Pawn Stars.
Tags: consumer credit, Hardcore Pawn, Pawn Loans, Pawn Stars, pawnbroker, pawnshop
Posted in Pawn Ecomomics | No Comments »
Monday, October 10th, 2011
From Seacoast Online Dot Com
By Andrew Leibs
business@seacoastonline.com
PORTSMOUTH — One consequence of tight credit in a stalled economy has been a sudden interest in pawning — one further fueled by reality TV shows such as “Pawn Stars.”
This situation inspired Don Battis to launch Pawntique, an online pawn shop providing short-term loans to upscale clients and small businesses.
“Historically, pawn loans have been for people with no access to credit,” Battis said. “For people who have assets, but need cash, pawning is an option.”
In pawning, a shop accepts an item and loans its owner a percentage of its value — usually around 50 percent, according to Battis. Owners redeem items by repaying the loan plus a fee.
What distinguishes Pawntique from traditional shops is the size of its loans. “We have a $500 minimum loan and go as high as $100,000,” Battis said. “We’re not for people seeking to pawn their iPod or flat screen TV.”
With Pawntique, a Rolls Royce, Rolex or rare art collection is a more likely exchange. Pawning on this scale provides businesses with funding options, Battis said.
“You wouldn’t pawn to meet any long-term business needs,” Battis said. “But if a promised payment gets hung up and you need cash to meet this week’s payroll, pawning assets may be the best solution.”
One scenario Battis described is an antique shop.
“They want to bring cash to an auction, so they pawn something they have,” he said. “Then they go to the auction, buy inventory, sell it and repay the pawn loan.”
Another example might be a landscaper pawning mowers in the fall for cash to fund winter plowing, generating sufficient revenue to redeem the equipment in the spring.
Many businesses are financed with short-term loans like this, Battis said.
One advantage of pawn loans over banks, Battis said, is pawning requires no credit: each loan is fully collateralized.
“If you can’t repay or decide you don’t want the item back, you can just ask the broker to sell it for you,” Battis said. “Not repaying a bank note or credit cards trashes your credit.”
With pawning, Battis said, you give up your collateral, and that’s the end of it — no reporting to credit or collection agencies.
Battis said reality shows such as “Pawn Stars” and “Hardcore Pawn” are changing pawning’s image. “They’re showing people that pawn shops are different than what they thought,” Battis said.
Pawn shops have become popular retail outlets for jewelry and electronics.
“The second business within pawning is reselling items people don’t wish to redeem,” Battis said. “Pawn shops generally have good deals because brokers usually buy items at a good price.”
The pawning milieu inspired Battis, whose background includes manufacturing (he founded Profile Metal Forming in 1986), real estate, financial services and online marketing.
“Like a lot of people, we were fascinated by the TV shows about pawning,” Battis said. “We were interested in Web-based businesses; we have a real interest in inbound marketing, and thought this would be a perfect application.”
Pawntique, which Battis runs with three other partners, has a secure storage facility but conducts all business online. “We make a preliminary offer based on e-mails and digital photos, and if it sounds good to them, they ship the item to us,” Battis said. “We then do a final appraisal, make a final offer, and shoot them out the money.”
Pawntique created an i-Phone app to expedite photo sharing and customer communication with a “click to call” link and online application. The response has been positive, Battis said. “We’ve been getting a lot of interest, a lot of applications; we’ve made some loans, and are quite pleased,” he said.
The Seacoast, Battis said, offers online entrepreneurs access to crucial e-commerce talent and resources.
Battis launched Pawntique through Great Island Technologies, a New Castle-based Web-marketing firm. Battis is a managing partner.
“We’re excited about it,” he said. “We think it’s a new twist on an old idea. “By utilizing the Internet, we’re going to build an interesting business here.”
At a glance
Pawntique
Owner: Don Battis
Phone: (855) 777-6687
Web: www.pawntique.com
Tags: consumer credit, online pawnshop, Pawn Loans, pawnbroker, pawnshop, Pawntique
Posted in Pawn Ecomomics | No Comments »
Tuesday, September 27th, 2011
From NWI Times Dot Com
How a Pawn Shop Works
According to Ameripawn pawn shop Owner Greg Engstrom, pawn shops have always filled the gap in loan providers. But today, loan seekers are going through one of the most difficult lending periods in recent history, and pawn shops are willing to make loans other lenders wouldn’t.
“A lot of people need the pawn shop right now, and we’re the only lender that wants to lend to them,” Engstrom says.
So how exactly does a pawn shop work? The meaning of the word ‘pawn’ is a loan, and so pawn shops are in the business of not just buying people’s possessions, but mainly lending people money.
“We work in collateral loans, which aren’t based on your previous credit,” Engstrom says. “About 75% of our business comes in loans, and 25% is from people just selling stuff.”
If you’re considering purchasing or pawning at a pawn shop, Engstrom recommends doing some research on the items in question. Researching will let you know the most accurate price for the item and help you in the bargaining process.
“We do research on every item we deal with, and we try to be experts on everything in the store,” Engstrom says. “But really, we’re just scratching the surface, and sometimes we price things incorrectly. It’s always a good idea to research and ask to make sure.”
If you want to pawn something, you should know exactly how much money you need to borrow before going into the pawn shop and be prepared to work with the pawnbroker to make sure the loan for your item is accurate.
“If you need $100, and the value of the thing you brought in is $90, then we can sometimes stretch it for you,” Engstrom says. “But if the gap is too big, you’ll have to add something to it.”
Engstrom says that because it’s durable and can last generations, jewelry is the number one item in a pawn shop. Jewelry is often the most valuable thing a person owns, which is why it’s also one of the most pawned items. Jewelry styles change often, too.
“If people aren’t wearing yellow-gold, they can come in and find something in white gold,” Engstrom says.
But pawn shops have much more than just jewelry; you can find great deals on household tools, lawn equipment, video games, TV shows, musical instruments, antiques, golf clubs, an endless list of electronics, and many items you wouldn’t expect to find at a pawn shop. Engstrom recommends that if you’re on your way to purchase something new, stop by a few pawn shops first to see if they have it.
“People would be surprised at how diverse the items in a pawn shop are,” Engstrom says. “We deal in whatever comes in.”
Engstrom notes that Ameripawn’s staff often knows even more about the items in their store than normal retailers because they must do extensive research on each item. Pawn shops will also bargain with you for a fair price.
“We test everything that comes in, and if a customer wants to try it out, we’ll help them hook it up in the store,” Engstrom says. “We try to go above and beyond to help someone find what they’re looking for.”
At Ameripawn, you can test CDs right by the rack in a CD player with headphones. Many pawn shops, including Ameripawn, will also hold items and put things on layaway for you. Engstrom also says Ameripawn works with the police and has procedures in place to make sure they don’t buy items which they suspect might have been stolen.
Tags: Ameripawn, consumer credit, Greg Engstrom, Pawn Loans, pawnbroker, pawnshop
Posted in Pawn Ecomomics | No Comments »
Wednesday, September 21st, 2011
From RGJ Dot Com
Dayton Valley Pawn
If you’d enjoy meeting a man who really
loves his work -drop by Dayton Valley
Pawn and say hello owner, Gary Barwig.
Barwig says, “It’s like Christmas every day
for me. I never know what’s going to come
through that door!’
While living in Southern California, he
owned several second-hand stores. But,
this is the first time he has owned a
pawnshop and is able to offer loans to his
customers.
Dayton Valley Pawn first opened in the
Occidental Square in Dayton three and a
half years ago, but when a great location
was available for lease on highway 50
across from Terrible’s casino he jumped at
the chance to relocate his shop last year.
Dayton Valley Pawn has a wide selection of
new and used firearms, specializes in
buying and selling gold and silver jewelry
and has a large inventory of other items for
sale.
One of the perks for the pawnshop’s
customers is the ability to shop on-line at
http://DVPawn.com -just scroll down to the
Ebay site, click on it and Dayton Valley
Pawn’s store appears. Barwig’s wife, Liz,
runs the on-line aspect of the business.
Barwig was in law enforcement for many
years, but when he realized how fast his
pawn business was growing, he soon put in
for retirement. He said, “Looking into the
future when I reached the age of 60, I
knew I definitely didn’t want to still be
working for someone else. Now I’m my own
boss and enjoying every minute of every
day I’m in the shop!”
Dayton Valley Pawn gives back to the
community by helping many of the area’s
schools with fund-raisers as well as
purchasing ads in Silver Springs and Dayton
school yearbooks. They also offer
sponsorships to Little League teams.
“I like dealing with people on an every day
basis. There is always someone who needs
money and needs to sell, and someone
who has money and wants to buy,” Barwig
said.
Bonnie Matton covers businesses in west-
central Lyon County that cater to locals and
those who pass through our rural
communities. Questions or ideas? e-mail
editor@daytoncourier.com.
Tags: consumer credit, Dayton Nevada, Pawn Loans, pawnbroker, pawnshop
Posted in Pawn Shop Stories | No Comments »
Friday, September 2nd, 2011
From Finance Dot Yahoo Dot Com
Secrets From a Pawn Star
By Jeff Macke | Breakout
The business model of the pawn shop dates back over 3,000 years and remains largely unchanged: A customer in need of some cash gets a loan from a merchant, using a personal possession as collateral. The pawn shop holds the property for a predetermined amount of time, charging interest on the loan. If the customer can pay his debt before the deadline, he gets his property back. If not, it’s the pawn shop’s to resell.
While the basic transaction is much the same as it was in ancient China, the reputation of the pawn shop industry has fluctuated wildly. Pawn shops have often been portrayed and viewed as vaguely threatening stores located in seedy parts of town, where only desperate customers would dare venture to.
Today, the modern pawn industry has become something else entirely. Many of these shops, which also operate like small banks, are publicly traded companies and are becoming cultural phenomena. The embodiment of the new era of the pawn shop is Rick Harrison, star of History channel’s monster hit Pawn Stars and author of the book “License to Pawn”. Harrison, who runs the Gold & Silver Pawn Shop in Las Vegas, Nevada recently sat down with Breakout to discuss the economy, misconceptions about his business, and the endless number of curios he comes across when dealing with the 3,000 to 4,000 customers coming through his shop every single day.
Harrison immediately addressed the lingering perception of pawn shops preying on the down-and-out, or especially in Las Vegas, desperate gamblers down to their last chips. Despite the tough times, nearly 80% customers reclaim their goods; meaning a pawn shop transaction is more like a bridge loan for the roughly 25 million Americans without a traditional bank account, rather than a legitimized loan sharking operation.
Which isn’t to say the pawn shop business is impervious to the economy. Most assume the stores do better in a weak economy; but they don’t. Harrison explains that it’s the nature of buying and selling that changes based on economic conditions.
“When times are good, I’m buying less stuff and I’m selling more stuff. When times are bad, I’m buying at lot of stuff but it isn’t moving like it used to,” says Harrison. Reflecting the building slump in Vegas, there’s a glut of construction-related goods coming into his shop, but very little demand from buyers. As any student of economics will tell you, too much supply and little demand means lower prices. “At this point, we have just stopped taking construction tools altogether. That’s how bad construction is in Las Vegas,” says Harrison.
While Harrison’s front line view of his local economy is troubling, the beauty of the pawn shop business is that it can capitalize on whatever trend is hot at the moment. A car dealer is stuck selling cars regardless of vehicle demand. In contrast, the players in the pawn industry specialize in trends. Of course that brings us to the trading craze of 2011: Buying and selling gold and silver.
“I cannot keep gold and silver bullion in my stores at all,” the retail rockstar said. “We buy it every day. Every morning I put it in my showcase and it’s gone by noon.”
But if you’re ready to run to your local pawn shop to sell your jewelry, think again. Nobody in retail ever made money overpaying for goods then selling them at a discount. Harrison, like any successful pawn business, will offer a discount to the price you see quoted in financial news, and then sell your stuff at a premium if you don’t pick it up before the end of his 120-day holding period. It’s not personal, it’s just business.
Pawn shops are also the last place to go if you’re looking for a sucker to overpay for your junk. Harrison’s store carries as many as 22,000 different items at any given time, or as he puts it, the shop has “one of everything.” After 30 years in the business, he says it’s “pretty simple” to spot counterfeits. And if an item is questionable, he calls in an expert to vet the goods. It’s a good thing because there are plenty of hard-to-value oddities at any pawn shop, particularly one based in Las Vegas.
Harrison’s store alone has a fist full of Super Bowl rings, four Olympic gold medals, the boots that jockey Hall of Famer Willie Shoemaker wore in his 8,000 race, and a Pee-Wee Herman doll sealed in its original packaging. But those aren’t anywhere near the strangest thing on his shelves. At the moment Harrison is in possession of a 200-year old Japanese “pillow book” of the type he says were once given to Japanese brides on their wedding nights.
Ok then. Harrison says many of these rarities are more valuable to him as museum-type pieces than retail items. Museums may be the last thing you think of when considering pawn shops, but it’s a new day for an old industry. Whether to hock an heirloom or simply check out the modern version of Ripley’s Believe it Or Not stores, it’s time to change the way you think of the pawn shop business.
Tags: consumer credit, Las Vegas, License to Pawn, Pawn Loans, Pawn Stars, pawnbroker, pawnshop, Rick Harrison
Posted in Pawn Shop Stories | No Comments »
Friday, August 26th, 2011
From Business News Daily Dot Com
By BusinessNewsDaily Staff
With almost 30 percent of Americans possessing no checking accounts or credit resources, pawn shops like the Columbus, Ga.-based Money Mizer Pawns & Jewelers are increasingly becoming a primary resource for small loans. That, combined with the rising price of gold and silver, has made pawn shops as popular today as they’ve ever been.
Money Mizer’s CEO Robbie Whitten has learned a thing or two about dealing with customers in his 30 years in the pawn business. He shares a few of those tips with BusinessNewsDaily readers.
Lesson 1 – Never assume by the way a customer is dressed that he doesn’t have any money. I had a guy come in dressed in overalls, shot-out shoes, hair messed up and smelling like he hadn’t had a bath in three days. He was looking at jewelry and no one wanted to wait on him, so I approached the customer and treated him respectfully, and he purchased a diamond ring for $8,500 and paid in cash.
Lesson 2 – Never take a credit card over the phone from someone you don’t know. I sold a Rolex Submariner on eBay back in the early days of eBay and before PayPal. I took a credit card over the phone. The card went through perfectly so I shipped the Rolex. A few days later I received a call from the credit card company ? come to find out the card was stolen. I ended up with no money and no Rolex.
Lesson 3 – Move inventory around in the store, kind of like grocery stores do. It keeps repeat customers from seeing the same old stuff sitting in the same spot time and time again. Also, if you have some inventory sitting for a while and not selling, mark it down and move it – even if you have to take a loss occasionally. As they always say, time is money.
Lesson 4 – Always treat customers kindly and greet them when they come into your store. Be attentive to their needs (talk to them, for god’s sake), be happy and smile. Why do you think Walmart has greeters at the front doors?
Lesson 5 – Be very careful extending credit to a friend or family member without collateral. I learned this lesson years ago when I extended credit on a purchase to a good high school buddy of mine. He never paid a dime and I haven’t seen or heard from him in over 30 years.
Lesson 6 – Your best advertising is word of mouth. We spend approximately $100,000 a year on advertising and it is very effective. However, your customer’s word of mouth is the best advertising in the world. Keep your customers happy and remember the old saying: A happy customer will tell a friend about your business; an unhappy customer will tell 10 friends about your business.
Lesson 7 – Even though we’re in business to make a profit, be charitable on occasion to customers that are truly desperate. Use your judgment, but when a customer asks for a deal or needs a break, show some compassion.
Lesson 8 – Stay ahead of the game in your industry and always be one step ahead of your competition. Be the one that tries new strategies, new advertising campaigns, keep up with new technologies like social media (Facebook, Twitter, LinkedIn, etc.). These are simple things that could turn into profits and new customers.
Lesson 9 – Learn something new every day. Never think to yourself for one minute you know it all. Not a day goes by – even after 31 years in the pawn business – that I don’t look to others in the industry for new ideas, methods, and information to learn something new and make more profits. I’m not bragging, but you can bet your bottom dollar that my pawn shops make 2-3 times more in profits than competition in my markets.
Money Mizer currently has three corporate-owned locations, in Columbus, Ga., and Phenix City and Dothan, Ala., as well as one franchised location in Auburn, Ala. After launching its franchise program in 2008, the chain expects to sell 10 to 15 franchises in 2011, with 150 locations open by the end of 2015.
Tags: consumer credit, Money Mizer Pawns & Jewelers, Pawn Loans, pawnbroker, pawnshop, Robbie Whitten
Posted in Pawn Ecomomics | 1 Comment »
Monday, August 8th, 2011
From News Times Dot Com
John Pirro, Staff Writer
DANBURY– During his 10 years as a Waterbury police officer, Doug Mineo spent a fair amount of time in pawn shops and realized that business “fills a niche in society,” providing small, short-term loans that help people through tough times.
So when a bum knee forced the 50-year-old Plymouth resident into retirement a few years ago, opening a pawn shop seemed like a good idea.
“When somebody needs $50 to get them through the week, they can’t go to the bank for a loan,” said Mineo, who owns Hat City Pawn on Federal Road.
But they may have something of value — a laptop, tools, a camera or video games — that can serve as collateral so they can borrow a few bucks until their situation improves, he said.
“I had a vision of a shop based on honesty and integrity. If you’re going to do business in a community, you build it by doing the right thing,” Mineo said.
Pawn shops may be considered seedy and disreputable by some, he said, but in the year he has been in business he has collected a stack of letters from customers praising him for living up to his values.
One satisfied customer is Lenny Engelman, of Danbury, who a few months ago walked into Hat City Pawn with some of his wife’s old gold jewelry and a two large, silver-colored coins inherited from his father-in-law.
Mineo said he was concentrating mainly on the gold and only gave the coins a quick glance.
“I thought they were Eagles,” he said, referring to the one-ounce, silver bullion coins issued by the U.S. government. He paid Engelman $20 apiece for them.
“He called me back the next day,” Engelman said, “and he told me it was worth a couple of bucks more, so he asked me to come by the shop the next day so he could settle up.”
Assuming that the difference was only a few dollars, Engelman didn’t return immediately, so Mineo called him again the following day.
This time when Engelman went to the shop, he was surprised that Mineo counted out 10 $100 bills and placed them in his hand.
“He said, `I didn’t realize the coin was platinum,’” Engelman said. “He could have sold it for $1,200, and I would be none the wiser. But in this day and age, it was nice to meet someone who did the right thing.”
Other letters — with copies sent to the Police Department, which monitors the operations of all the pawn shops in the city — describe how Mineo helped the writers recover items that had gone missing from their homes.
In one, a Brookfield man recounts how Mineo returned two expensive guitars that had been taken in a burglary.
The man visited area pawn shops after discovering the theft and provided the staff with descriptions of a Les Paul guitar with a broken toggle switch and a brand-new red Fender bass.
So Mineo was prepared when two teenagers walked into his shop and tried to sell the instruments.
After opening the first case and finding the Les Paul, Mineo placed it behind the counter and waited as one of the teens placed the second case in front of him, unopened.
“I said, `This must be the red Fender bass.’ You should have seen their faces,” he laughed.
Mineo kicked them out of the store with a stern lecture, and they were later arrested by police. But the bottom line, he said, was the guitars ended up with their rightful owner.
Contact John Pirro
at jpirro@newstimes.com or 203-731-3342.
Tags: consumer credit, Pawn Loans, pawnbroker, pawnshop
Posted in Pawn Shop Stories | No Comments »
Thursday, July 14th, 2011
From TBN Weekly Dot Com
Article published on Wednesday, July 13, 2011
CLEARWATER – Big Tim’s Pawn recently opened its second retail store, located at 1690 Clearwater Largo Road.
Big Tim’s Pawn Clearwater is a 5,000-square-foot store serving residents of Clearwater, Largo and Belleair and adjacent communities six days a week, providing cash loans and retail deals with superior service.
“Opening a Clearwater store is a huge goal for me being a local guy,” said Tim Russell, president and CEO of Big Tim’s Pawn, in a press release. “I graduated from Largo High in ’85 and never could get away from the area I loved.”
According to Russell, his first store opened in 2009 in Pinellas Park. His customers were looking for a more northern county location.
The staff at Big Tim’s Pawn Clearwater has more than 20 years of pawnshop experience.
Big Tim’s Pawn is committed to improving the Pinellas County community by sponsoring local police and high school events like the Pinellas County Sheriff’s Athletic Program and the Northeast High Cross Country program.
Copyright © Tampa Bay Newspapers: All rights reserved.
Tags: Big Tim's Pawn, Clearwater FL, consumer credit, Pawn Loans, pawnbroker, pawnshop
Posted in Pawn Shop Stories | No Comments »
|
|
|
