A team of students at Southeastern Louisiana University (SELU) made a $22,600 profit selling on auction site Liquidation.com in a class project.
As part of an assignment in a Management Department class at SELU, students were required to create a business plan to sell surplus retail merchandise that included sweatshirts, t-shirts and hats from collegiate and professional sports teams. Using Liquidation.com online-auction services, the students sold the entire inventory for a total of $26,595.
The students created multiple-item lots in order to sell the highest number of items at a maximized cost per item. The students set a goal of $.50 per item with anticipated earnings of $650. In a total of 10 auctions, the actual profit earned was $2.18 per item for a total of $22,600. The earnings from the auctions will be donated to the University's Management Foundation and will support the next set of projects for the class.
Liquidation.com is an online marketplace of Liquidity Services Inc., which enables government agencies, businesses and financial institutions to convert surplus and idle assets into cash through several websites.
