Who bought THEPIT.com ????

Lothar52

I folks got the letter from thepit and freaked out thinking i was spending money online for cards....NO THANKS....im going cold turkey like Stone......no more cards for me for a long long time.

ndleo

I don't think anyone bought thePit. Topps is shutting it down. It was good idea, but the problem with creating an exchange is that it takes a lot of cash to operate (just ask Enron). Topps bought it for $5m and spent another $3.7m shutting it down. What a waste.

pandrews

no they sold it..

jvineyard

From The Pit Website:


Update on the acquisition of ThePit.com Due to the Martin Luther King Holiday, the full details of the acquisition of ThePit.com will now be announced at 3pm on January 17th. In the meantime if you would like to hear what the new owners are saying or if you have a question you would like to ask them, they currently have a thread going on ThePit.com Message Boards. Scroll down to the title - Your Suggestions Wanted to find the link to the message boards thread.

Boopotts

I think thePit could have worked if you could have bought and sold volume at the listed price. There were times when I would have taken, say, 15 '87F Bonds RC's at the listed price of $70 or whatever, but I didn't want to have to buy only three, then watch the price go up, then buy three more, etc. etc.

The other thing that really hurt them is that the cards they listed kept going down, and I'm not sure there's anything they could have done about that.

pimp

ttt

Mikefromchester

I just recieved this from Topps:
Subj: NAXCOM acquires thePit.com Date:1/18/06 10:05:51 AM Eastern Standard Time

NAXCOM To Acquire ThePit.com

Acquisition to solidify NAXCOM's reputation as the marketplace for liquidity and true market prices on sports collectibles

Jan. 18, 2006 - It was announced today that NAXCOM.com Exchange Inc, out of Los Angeles California, has acquired ThePit.com, a Topps Company, for an undisclosed sum.

NAXCOM plans on operating ThePit.com as a separate entity to its own site and will introduce new features and benefits that will enhance the experience for both buyers and sellers. "For instance," said Eric Beckerman, CEO of NAXCOM "the first thing we are going to do is increase what types of products are made available on The Pit. "Right now ThePit.com only offers a select few graded cards and uncirculated cards," added Beckerman. "We will look at putting up over 300 new players and over 500 different cards, which will be mainly ungraded cards. This will allow users to buy and sell in bulk quantities. Plus, we will be adding PayPal, a shopping cart feature and
much, much more."

In addition, NAXCOM plans on bringing some of the same marketing innovations that have worked on NAXCOM to The Pit. ?As soon as we complete the transition and add the necessary upgrades to The Pit, we will then implement an aggressive marketing campaign similar to what we have done for NAXCOM? said Bill Elder, VP of Marketing for NAXCOM. "Our contests and competitions have been very popular on our site and you can look for us to introduce similar promotions on The Pit as well" continued Elder. "We'll also be upgrading the home page design as well to reflect some of the ideas we havegoing forward."

Both companies have said that during the transition, there will most likely be at least a 2-week delay with the shipment of items. The full transfer from Topps to NAXCOM should be completed by the end of January. "We plan on being pretty aggressive with The Pit as soon as the transfer has been completed,? said Kevin Klein, Director of Business Development for NAXCOM. "In addition to updating the players that are offered, we also plan to revamp the fees, and implement some additional technology upgrades," added Klein. "We will also leverage our 15 years in the trade show business and talk to the top dealers to get their opinions about ThePit.com," continued Klein. "We will then use this input to optimize ThePit. This approach has
helped make NAXCOM the #1 sports collectibles site on the Internet and we expect it to help us grow The Pit to new heights as well."

After all of the changes are implemented, ThePit.com will have a special Grand Reopening weekend on the weekend of March 17 - 19th with prizes, contests and a large list of new IPO's that will begin trading on thepit.com for the first time.

"thePit users will be pleased to know that NAXCOM will be running the site," added Warren Friss, Topps Vice President.

With this acquisition, NAXCOM now offers sports investors and collectors two great choices:

- ThePit.com where you can invest in buying and selling today's top sports stars and their Best Rookie Card(s) without having to deal with the inventory...just like the stock market.

- The NAXCOM marketplace with over 100,000 registered users and where the sports collector can choose to take possession from a giant selection of over 5 Million User Listings of Sports Cards, Collectibles & Memorabilia. Plus, NAXCOM has had nearly 1 Million items sold and every transaction has been safe and secure because of the exclusive NAXCOM Buyer Protection Guarantee.

For more information about NAXCOM.com go to www.naxcom.com or call 310.568.8825


Media Contact: Bill Elder (310) 568-8825 ext.104 b.elder@naxcom.com

ndleo

I wonder if you will be able to buy options on cards. That would make thePit very interesting.

Boopotts

<< <i>I wonder if you will be able to buy options on cards. That would make thePit very interesting. >>



Indeed it would.

I know nothing about the market, but I do know there is one phenomenon whereby by person 'A' gives person 'B' something like $10, with the condition that person 'A' can sell person 'B' a particular stock at a set price at a determined date in the future. If you ever had this option in sportscards I think many of us could get very rich, very fast.

ndleo

I would short all of the hot rookies. I can't think of any hot RC that holds its value.