DEERFIELD BEACH, Fla.--(BUSINESS WIRE)-- uSell.com, (OTCBB: USEL) (the “Company”), the simple and reliable marketplace for used consumer electronics, today announced record activity on its Internet marketplace as consumers trade in their existing phones in order to purchase the new iPhone 5. Consumers are increasingly using USEL’s platform to monetize their smartphones as carriers have been scaling back subsidies offered with cell phone plans, driving consumers to seek alternative ways to subsidize the cost of a new handset. USEL’s proprietary web portal consists of a network of professional buyers who compete to purchase cell phones and other electronics from consumers. The portal has a very simple and intuitive interface, allowing the seller to quickly find the best price. The Company’s simple model provides an avenue for consumers to easily find the best price when parting with their unwanted electronics.
“We have experienced a direct correlation between the release of the iPhone 5 and increased traffic to our web site, which is indicative of consumers becoming increasingly aware of the trade-in option” said Daniel Brauser, CEO of uSell.com. “Sales of older iPhones and other devices are now a significant source of cash for consumers, with some iPhone 4s selling for over $300, about 50% more than what most customers had paid for the phone with a contract. The iPhone 5 release is a significant event in the electronics market place and uSell is well positioned to capitalize on the growing market for used smart phones, by connecting sellers with trusted professional buying partners who offer a quick and easy shopping experience.”
According to an article written by Reuters titled, Wireless Carriers Hope to Temper iPhone 5 Margin Pain, “In the United States, carriers have changed their policies to make customers wait longer for a subsidized upgrade and levied new fees, after Verizon Wireless, AT&T and Sprint Nextel Corp suffered dramatic declines in profit margins based on earnings before interest, tax, depreciation and amortization (EBITDA) as a percentage of service revenue in the fourth quarter of 2012, when the iPhone 4S was launched.” These new policies are making it more difficult and costlier for consumers to purchase new phones, which is causing the secondary market for smartphones to be more robust.
uSell.com is committed to making the marketplace for used electronics simpler and more efficient for both the buyer and the seller. The Company’s proprietary web portal keeps the devices out of landfills and provides valuable feedback to its buyers. For the seller, uSell.com provides an elegant and easily accessible outlet to sell their device hassle-free, while allowing the buyers to compete and compare the shopping experience in an efficient and growing marketplace. uSell.com is dedicated to providing the best possible experience through its easily accessible platform on the web, and recently through its mobile website, aiding users in offsetting the cost of device upgrades quickly and safely through its trusted network of professional buyers.
uSell is the marketplace for selling used smartphones and electronics to trusted, professional buyers. The site helps customers search offers for used electronic devices, find a buyer, and sell the devices quickly and safely. uSell.com is a publicly traded company headquartered in Ft. Lauderdale, Fla. For more information visit: www.uSell.com.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this press release include forward-looking statements, including statements regarding being well positioned to capitalize on the growing market for used smart phones. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include effective marketing campaigns, the impact of competition from buyers not on our website, maintaining and establishing relationships with partners, and our partners providing sufficient customer service to our customers. Further information on our risk factors is contained in our filings with the SEC, including the Form S-1 filed on September 21, 2012. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
James Young, 212-732-4300