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Cash Converters And Trade Me Enter Joint Venture

15 November 2005

Cash Converters And Trade Me Enter Joint Venture

Cash Converters and Trade Me have entered into a joint venture that is good news for both companies as well as their customers and members.

Cash Converters is the largest secondhand dealer in the retail sector in New Zealand. Trade Me is New Zealand's largest online marketplace with more than 1.2 million members.

The core business of Cash Converters is to retail secondhand goods through high profile premises located around New Zealand. In recent times, Cash Converters has been investigating and trialling the sale of selected goods through Trade Me.

This has now been formalised with a joint venture agreement. The two companies see good opportunities in working together. Trade Me will benefit from more listings and Cash Converters endorsement. Cash Converters network of stores will be able to access the nationwide audience of Trade Me.

Cash Converters will use Trade Me for mainly unique, specialist and/or high demand products. Cash Converters will analyse what is selling well on-line and load stock accordingly. All items sold by Cash Converters will be identified as such. Potential buyers will be able to go in-store in some cases to view the item for themselves if they wish. In addition the Cash Converters goods sold via Trade Me will carry a full 30-day warranty.

"The Internet and the way in which New Zealanders have embraced it meant that expanding our online trading was the next logical step," says Cash Converters General Manager Sue Tuia.

"This joint venture has, in effect, provided another marketplace for Cash Converters. It is an opportunity for Cash Converters to expand its customer base to those who prefer to shop online. At the same time it means that Cash Converters won't be going into competition with a business that holds 98-percent of the online market. Instead, we will support each other."

"Cash Converters is constantly reviewing its business model and identifying opportunities that will attract more customers and sales and result in the business growing."

TradeMe's head of business, Mike O'Donnell says his team is delighted to be entering into a joint venture with Cash Converters.

"We think the value add of dealing with a respected brand like Cash Converters will bring benefits to our community and further deepen the richness of options available to consumers on Trade Me," says Mike O'Donnell.

The joint venture is live from today.

ENDS

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