iSold It Owner Says Business Booming during Hard Times

An East Texas business owner, Joe Lagman, says to a local television news team that the slumping economy has been a boon to his iSold It store, a place where products can be dropped off for auction on eBay.

"Traditionally on E-Bay, sales are down during the summer months. However July is turning out to be a very good month for me. My sales are actually up and if they continue the rate they're going, I'll have a stellar month."

But, Lagman says, "while more East Texans are turning to eBay, for extra cash . . . what they're getting for their items is not what it used to be. Because of the economy, people have more to sell but the downside of that is they're not getting as much money for it."

In contrast, shareholders in giant eBay are complaining about slumping sales in the auction market during a bad economy .

"The company’s second-quarter earnings report confirmed analysts’ worries that the online auctioneer is struggling as the economy sags, sending shares tumbling. The stock fell 14% and the company was hit with a flurry of downgrades from analysts Thursday, who questioned whether it can improve its growth in this environment." - WSJ

Lagman smartly takes camera time and pitches products that people are auctioning, such as his Elvis Presley wine. According to Lagman, "iSold It is the number one power seller on eBay."

Read full story at CBS19. Video available