Ben Levinson of Dynasty Jewelry & Loan signed up for PawnGuru after attending their Pawn Innovators conference in Detroit. Overall, his shop’s ROI is approximately 10X. Here’s the breakdown:
Over the past month, Ben’s shop had 1002 items sent to them through PawnGuru, 446(45%) were responded to using PawnGuru’s automatic response messaging system. 60(14%) of those leads called back and were spoken to. Out of those 60 people, 8(13%) came into the store. They closed all 8 people - 6 buys and 2 pawn loans.
Assuming that the 2 pawns are forfeited out, Ben projects a conservative profit of $2285. If the two loans are redeemed when due, it would lower profit to $1728. Of course, they may renew the loans, which would increase it.
Dynasty Jewelry & Loan also took advantage of PawnGuru’s diamond-selling service, which allows shops to get quotes on high-value stones and gems. Ben felt the offers were decent on the stones; while they decided not to sell, the shop could have made a quick turn of $2000 on a $7000 buy.
Ben is pleased with the return on investment! Ben views PawnGuru as a lead generator giving you the opportunity to make customers out of those leads. He plans to keep customizing his account so that the shop can be even more streamlined in responding to customers and closing deals on new items. .
Jimmy Rodriguez is the owner of Max Money Pawn in Lewisville, TX and is in the process of opening up another store location nearby. He’s been using PawnGuru for the past 2 months and wants to decide if it is worth it to subscribe his new shop.
He sits down to calculate how much profit he has actually made using the new platform. Jimmy closed 11 deals; 8 buys and 3 loans. Of the buys, Jimmy spent a total of $1,725 but resold all inventory at a net profit of $1,705.
The 3 loans came at the cost of $1,350 but assuming all are forfeited out, they would result in a conservative profit of $2,750 plus $420 in interest if the loans are redeemed. Jimmy remembers he also used the platform to resell one of his diamonds, which resulted in a $500 return based on the original buy.
Totaling it all up, Jimmy has made a conservative profit of $5,000 using PawnGuru ($1,750 + $2,750 + $500). Considering that he only spent $199 to begin with for the entire month, this means he is getting back his money 25x over!
Jimmy decides to sign his second shop up for PawnGuru Pro for the next 6 months and see if the trend continues. He's very happy with the results and decides to set up custom filters and automatic messages so he can respond to customers more quickly and maximize his business.