People without bank accounts who use pawn shops annually
Pawn shops in the United States
The company charges a monthly licensing fee, all other profits go directly to the pawn shop
Because of its online presence, customers can utilize pawn/financial services around the clock, every day
Pawn shops are required to send items to local police departments to ensure the items are not stolen, this is known as a "Police Hold". All items on the app have passed the hold, meaning users don't have to wait
The show, which chronicles the daily doings at the Gold and Silver Pawn Shop of Las Vegas, is a guilty pleasure.
Obsessed fans of the show line up outside the store to get a glimpse of their favorite character, whether it's Chumlee or The Old Man. At one point thousands of people were visiting every day.
Pawn shops are popular because they allow people to quickly trade collateral for cash and get better deals on items (sometimes unique collectibles) that would cost more somewhere else.
In these trying and uncertain times, more and more people are finding themselves in a financial pinch.
As inflation continues and a recession looms, millions of Americans may choose their local pawn shop to get a personal loan and quick cash.
FirstCash Holdings, which has pawn shops across the U.S. and in Latin America, had a record-setting second quarter. Its revenue in the first half of 2022 was almost double what it made in 2021.
Likewise, EZCORP, Inc., another publicly traded pawn shop company, says its outstanding pawn loans reached a record high of $204.2 million by the end of June 2022. Its total revenue increased 24% with gross profit increasing 20%.
The increasing adoption of e-commerce in the pawn shop market has created an opportunity for market players to expand their businesses online to expand their consumer base.
PawnTrust, a DWIS company, is at the beginning stages of its growth, which means this is an early-stage story that could have monumental blue-sky movement ahead!
Co-founded by marketplace guru, Christina Farr, the company allows users to borrow, barter, and buy through its mobile app conveniently. It features a wide range of electronics, arms, jewelry, tools and much more.
The company has "Pawn Partners" which are your local neighborhood pawn shops throughout the United States, Mexico and the Caribbean in which it seamlessly has their inventory on display for immediate purchase.
Through these Pawn Partners, PawnTrust creates the ability to have multiple Pawn Shops bidding for your loan which puts more money in the borrowers pocket at better rates.
PawnTrust plans to grow through increasing the pawn shops in their network. There are currently over 11,000 pawn shops in the U.S. alone!
About 30 million people who don't have a bank, or access to bank services, use pawn shops every year, according to the National Pawnbrokers Association.
There are only a select few publicly traded pawn shop related stocks and PawnTrust is looking like golden gem in the arena. Current levels could be at a supreme value right now.
PawnTrust will also offer microlending and will lend capital to small businesses. These loans will be based on the consumer’s monthly revenues. With tens of thousands of small businesses, the market is monstrous.
PawnTrust allows the ability to execute a Title Pawn through its app "TitlePal" This also represents another massive market.
DineWise (OTC: DWIS) is bringing the pawn shop online, providing worldwide access through the company’s game-changing app.
Addressing an Antiquated Arena
Though there are thousands of pawn shops across the country, they are highly antiquated. Some don’t even have computer systems or websites!
What makes PawnTrust unique?
PawnTrust is the only pawn marketplace in the world and is a publicly traded company!
The company’s app gives the customer the ability to do business online, rather than the traditional method of walking into a brick-and-mortar shop, where there is substandard service and potential embarrassment from face-to-face contact.
RDWIS has recognized a massive opportunity here. One that is like the opportunity when the internet first came out.
The saying was that un-bankable people would not use the internet and had no way of paying for items. PayPal, Cash App, Venmo, Chime, and other fintech companies had a different idea. Today billions of people are on the world wide web through computers and mobile phones and this number is constantly growing.
DWIS believes that pawn shops across the country will eventually make the digital transformation otherwise they will be missing incremental sales in their businesses.