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Changing the Pawn Shop Model

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  • Description

    Ultrapawn CEO George Souri on selling or buying luxury goods at pawn shops.

  • Duration 2:38
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This transcript is automatically generated

You think that -- -- are just last resorts for extra cash think again how about -- shop that sells wine.

-- Even cars Jeff Flock joins us live from Arlington Heights ill at no higher really death.

Called ultra pawn ultra -- -- dot com they're attempting to just change the whole concept of a pawn -- It's the brainchild of George schori who is a actually a private equity executive in Chicago who said.

I find my clients need this service but they don't -- walk into -- launch.

Yeah I mean I think there's a tremendous need by the luxury consumer.

Who's gathered assets of value over time from time to time they have liquidity needs.

And this is a great way for that consumer to turn those assets in the cash -- take a look if you look at stocks of of actually pawn broker companies -- actually taken off some of them have ever really been popularized by the -- Point shows.

But you're finding clients.

That have.

Big pieces of jewelry that half art that -- Wine they wanted to.

Translate that into a well yeah well I mean look a lot of business people when the banks tighten their credit lending standards.

Had assets of value but needed cash and we provided that option but you have to cater to that luxury consumer to do it for example a sculpture of -- Armstrong there he said that's 50000 dollars was brought in by somebody was trying to make payroll is -- in their business that's exactly right consulting service the -- bank -- cut off his credit line.

But he had the sculpture came and said look -- need to make payroll.

We worked with his business Gejdenson short term -- -- it continues business Cheryl this is how it works -- one line largely because do you for the wealthy don't like to walk into a pawnshop no I would want to walk no pawnshop not expect electric customer either to.

So we do it online -- its -- upon dot com you can do it from the privacy of your home or you can come to a validation senator which again looks like a luxury retail store north Michigan avenue and not like a traditional pawnshop -- and you've got everything from this -- Obama mercy watch this is a -- -- watch.

Probably see in the background -- your dad who is a long time.

Jewelry my all my father's been in the jeweler business for 45 year so we had some in house expertise.

Bet you know as a finance background were able to leverage that expertise -- -- create this model and it's been very positive.

Ultra -- dot com -- you got anything perhaps from a previous relationship that you'd like to unload.

This might just be the place to do -- don't have to him.

I actually -- have a couple of items yes -- -- Jeff Flock thank you don't we all very much indeed it has zionism.

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