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eCommerce - Saturday, July 19, 2008

AuctionDrop Bought By ECO International

Along with a lot of other people, we liked the AuctionDrop concept. It's eBay for the rest of us who don't want to wring our hands over getting the best prices for the junk in our garages. Instead you just load up your car and dump it at an AuctionDrop center and they in-turn will sell it on eBay (for a cut of course).

Now ECO International has acquired Menlo Park-based AuctionDrop. AuctionDrop is backed with $6M by Mobius Venture Capital, Draper Associates and G-51 Capital Management. ECO is a New York electronics asset recovery and recycling company.

AuctionDrop made a deal with UPS Stores in 2004 to use UPS storefronts as drop-off points.

Apparently that didn't work as AuctionDrop changed its business model and is now an online retailer for the liquidation of wholesale surplus and salvage inventory and assets.

Serial entrepreneurs Randy Adams, Bill Rollinson and Andy Jeffrey founded AuctionDrop in 2002.

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