The company that sparked the eBay drop-off store craze has been acquired by a New York electronics asset recovery and recycling company. ECO International LLC acquired AuctionDrop, which had raised over $6 million in venture capital funds with its eBay consignment store business model.
Randy Adams, Bill Rollinson and Andy Jeffrey founded AuctionDrop in 2002 and received venture capital funding from Draper Associates and Mobius Venture Capital. G-51 was also an investor.
AuctionDrop made a deal with UPS Stores in 2004 when it said it realized it couldn't profitably build and operate a large network of its own retail stores.
AuctionDrop changed its business model and is now an online retailer for the liquidation of wholesale surplus and salvage inventory and assets, helping manufacturers and retailers "maximize yields on the disposition of excess inventories, customer returns, and damaged overstock goods."
ECO is a privately held company with sister companies serving high technology electronic manufacturing, research and development, international electronic component distribution, with annual revenues in excess of $700 million.
http://www.auctiondrop.com
