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.
In the short term, NAXCOM plans on operating ThePit.com separately from their own NAXCOM.com site and will introduce a number of 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 be 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 have going 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. "We will also leverage our trade show business that we have been doing for over 15 years, to talk to collectors and get their opinions about ThePit.com" continued Klein. "We will then use this input to optimize ThePit. This method of listening and reacting to user feedback 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."
"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 take possession...just like the stock market.
- The NAXCOM marketplace with over 100,000 registered users and where the sports collector can take possession from a giant selection of over 5 Million User Listings of Sports Cards, Collectibles & Memorabilia and buy with confidence with NAXCOM's exclusive Buyer Protection Guarantee.
Currently, NAXCOM has a thread on ThePit.com message boards to discuss their thoughts and ideas about Thepit.com, including:
- PayPal will be added, along with the ability to pay with Am. Ex and Discover in addition to Visa and Mastercard.
- A Shopping Cart feature will be added allowing a buyer to purchase multiple items quickly and efficiently.
- The database of players will be revamped with new players added and many "stale" players removed.
- Ungraded/Raw Rookie Cards will be offered. (New players and Ungraded Cards will be made available through IPO's).
- The ability to put up buy offers without having to previously fund your account. Similar to what you can do on NAXCOM.
- Review the current fee structure.
- A restructuring of the message boards.
- Updating the site text and info as well as a site redesign.
- Changing the % change of a card to the last transaction rather than the mid-point between the bid and ask.
- Greater marketing exposure in hobby publications, at shows and on the Internet.
- Contests and Prizes for rewarding the top Pit users.
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.
Many more details will be announced over the next few days. Please check back daily to see all of the new and exciting information about the changes headed for ThePit.com.
For more information about NAXCOM.com go to www.naxcom.com or call 310.568.8825