PSA Customer Update - April 2021

Mar 31, 2021

Hello PSA Customers,

Since my last update, the momentum behind the hobby has only accelerated. In fact, our Collectors Universe President and CEO, Joe Orlando, recently shared the reality of the surge of submissions to PSA.

I’ll try to further illustrate what has happened. The sheer volume of orders that PSA received in early March has fundamentally changed our ability to service the hobby. The reality is that we recently received more cards in three days than we did during the previous three months. Even after the surge, submissions continue at never-before-seen levels.

Given our growing backlog, it would be disingenuous for us to continue to accept submissions for cards that we will be unable to process in the foreseeable future. It’s an unpleasant conclusion, especially after the March 1 price increase, but it is necessary to properly serve the customers who have already submitted to PSA.

Effective immediately, PSA is temporarily suspending our Value, Regular and Express service levels. This will allow us to fully unbox and receive the recent surge of orders and focus on our most impacted service lines.

We will take a tiered approach to reintroducing these service levels. Our goal is to bring all suspended service levels back by July 1, 2021.

Collectors Club members will have their memberships automatically extended to match the duration of the Value suspension. This extension will ensure existing members have 12 full months to utilize their annual Collectors Club benefits.

PSA’s growth planning and capacity expansion remains in full effect. We recently added an additional 58,000 square feet to our California operation on top of the 62,500 square feet we added a few months ago, furthering our ability to hire and process orders. A successful Virtual Career Fair on March 16 netted many fresh candidates. Today we stand 783 people strong and are growing daily, compared to 421 employees at Collectors Universe in January 2020.

Please also know that PSA is working on physical office expansion to new international markets, and for the first time, new grading locations in the United States. This will help diffuse submissions across multiple locations and allow PSA to tap into new grading talent across the hobby. More information will be announced in the near future. If you are interested in working for PSA, please email your resume and a cover letter to our Human Resources department at [email protected]. Those interested in applying to become a Grader should contact our Grading Recruiter, Mike Levine, at [email protected].

This announcement puts our existing customers first. You have been extremely patient in waiting for your cards. This change will help get your cards back faster while maintaining the quality and accuracy you expect from PSA. We are working around the clock for you, and we appreciate your support as we grow our capacity.

Thank you and enjoy collecting,

Steve Sloan

President