DALLAS - In the holiday home stretch when store inventory can be low, there's a North Texas-based warehouse where the shelves are stocked to the ceiling, and the prices are slashed.
Paul Stansbury is the CEO of lotsofauctions.com, the online savings site where consumers set the price when they bid for products and also have a hand in the inventory – because much of what ends up there was originally bought by you first.
"If a major retailer sells it, we're probably gonna have it in our auction at some point in the year," he said.
According to the National Retail Federation, customers returned some $761 billion worth of merchandise in 2021.
Those returns come at a loss as much as 66% of the price of the item for a merchant to process a return.
So instead, some of the biggest names in the business sell to liquidators like lotsofauctions.com. They cut their losses, and you get to cash in.
Here's how it works: Auctions start every day of the week. Each item starts at just $5. Seven days later, the bidding stops, and winners have eight days to pick up their purchases at their Dallas warehouse or an even bigger location in Denton.
We can't "officially" tell you where all of this stuff comes from, although look closely and you’ll see a "prime" suspect. And we did notice some other "essentials" that may lead us to a "bullseye." Each item is inspected and graded.
And in a rare perk in this kind of selling scenario, items are even returnable.
A nice perk to this particular auction site is they don't ship. Why is that a plus? When local pick-up is required, it limits the pool of people you're bidding against.