Oct 28 2019

Dodge overstock

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Dodge overstock-History of, Inc., Inc. – Company Profile, Information, Business Description, History, Background Information on, Inc.

Closeout merchandise is typically available in inconsistent quantitie s and prices and often is only available to consumers after it has be en purchased and resold by disparate liquidation wholesalers. We beli eve that the traditional liquidation market is therefore characterize d by fragmented supply and fragmented demand. Overstock utilizes the Internet to aggregate both supply and demand and create a more effici ent market for liquidation merchandise. We provide consumers and busi nesses with quick and convenient access to high-quality, brand-name m erchandise at discount prices.

History of, Inc., Inc. is an online retailer that sells excess inventory at discounted prices. The company, akin to an outlet store that sell s the closeout merchandise of manufacturers, distributors, and other retailers, offers brand name bed-and-bath goods, home dГ©cor, f urniture, kitchenware, watches, jewelry, computers and electronics, s porting goods, and apparel. also sells books, magazines , CDs, DVDs, videocassettes, and video games, items that are classifi ed as “BMV” products. The company sells approximately 500,000 BMV pro ducts and 50,000 non-BMV products. Merchandise is obtained either by buying excess inventory, referred to as the company’s “direct” busine ss, or by selling the merchandise of other retailers, catalogue compa nies, and manufacturers on a commission basis, referred to as its “fu lfillment partner” business. has fulfillment partner re lationships with roughly 380 clients, who supply nearly all of the BM V products and 80 percent of the non-BMV products sold on the company ‘s web site. also maintains an online auction site that allows consumers to buy and sell merchandise, and it operates an onl ine travel store, which sells cruise vacations. did not assume a recognizable national profile until th e company’s path crossed with that of a dynamic and gifted businessma n named Patrick Byrne. The company was founded in May 1997 as D2-Disc ounts Direct, a limited liability company that became a C Corporation at the end of 1998. Byrne first learned of the company’s existence i n the spring of 1999 when its founder approached him, asking for capi tal. The company, which had generated slightly more than $500,000 in revenue the previous year by liquidating excess inventory online, was struggling, forcing its founder to ask for Byrne’s help. The mee ting introduced Byrne to a business idea he would make his own, inspi ring him to bring a massive outlet-store concept to the burgeoning wo rld of e-tailing.

Byrne was 36 years old when he became aware of D2-Discounts Direct, h aving spent the first three decades of his life developing into a sin gularly accomplished person. His father, Jack Byrne, was an executive of note, serving as chief executive officer of GEICO, Fireman’s Fund Insurance, and Fund America, distinguishing himself sufficiently to earn the trust and friendship of the legendary investor from Omaha, N ebraska, Warren Buffett. Buffett met Jack Byrne not long after he bec ame chief executive officer of GEICO, which at the time was a trouble d company. Buffett was impressed by Byrne, impressed to the point tha t he soon bought 500,000 shares in GEICO, and the two became friends. Buffett met Patrick Byrne when he was 13 years old and offered busin ess advice to the teenager in the form of a baseball analogy. “There was no one calling balls and strikes,” Byrne recounted in a February 7, 2000 interview with Fortune, “and I could take as many pitc hes as I wanted.” Buffett’s advice followed: “Every year or two, the perfect pitch comes along and you swing from the heels.”

In the years after meeting Buffett, Byrne established a record of exc ellence, compiling a lengthy list of accomplishments. He received his undergraduate degree from Dartmouth College, translating Lao Tse’s Way of Virtue during his senior year. He earned a master’s degr ee at Cambridge University as a Marshall Scholar, where he studied mo ral philosophy, and he received a doctorate in philosophy from Stanfo rd University. Byrne spoke four foreign languages, including Mandarin , earned black belts in hapkido and tae kwon do, and bicycled across the United States three times. He successfully battled cancer, surviv ing three appearances of seminoma and 20 surgeries between 1985 and 1 988, an ordeal that left the six-foot-five-inch, 240-pound Byrne weig hing only 164 pounds. He also possessed an impressive memory, a skill he demonstrated with a deck of cards. After several minutes of study ing the cards, he could remember their sequence, one by one, in eithe r direction. Remarkably, Byrne could recall the precise order of the deck six months after performing the trick.


Dodge overstock


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