Amazon sellers are such a hot commodity that one start-up is giving away Teslas for referrals

cnbc2021-07-16

KEY POINTS Acquco, one of the many start-ups that’s acquiring Amazon sellers, started a referral program this week at the Prosper Show to give away $10 million worth of Model Ys. The company is ...

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Ken3888
2021-07-16
Ken3888
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AT66
2021-07-16
AT66
Like
Look4Value
2021-07-16
Look4Value
The world is crazy.
- slpt2980:
  [Smile]
MKSoh
2021-07-16
MKSoh
Poor thing
- MKSoh:
  ya
Mm101
2021-07-16
Mm101
Yes
- Mm101:
  Like
丰人
2021-07-16
丰人
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The company is handing out t-shirts and flyers that say, “Refer a Seller, get a Tesla.”\nNirmal said in an interview that as of Thursday the company had received about 200 referrals in a little over 24 hours since starting the program and launching the promotional web page. He said the company is willing to give away up to $10 million worth ofModel Ys, which retail for a starting price of around $50,000.\n“There are two options for rewards,” the web page says. “You can either get a Tesla — you will have $49,990 to put towards a Tesla model of your choice.  Alternatively, you can choose to take the cash directly!”\nThe reward should be received within 45 days of the closing of the acquisition, the site says, and the recipient will owe income tax on the car or the cash.\nThe red-hot market for Amazon resellers\nMuch of Amazon’s dominance in e-commerce has come from its third-party marketplace, which is filled with millions of independent sellers who use the company’s logistics services, shipping, fulfillment centers and mammoth customer base to reach buyers.\nGrowing a business on Amazon has become increasingly complex in recent years due to a surge inChinese counterfeitsand otherbad actorswho set out to manipulate reviews and get rivals shut down. Aggregators are using those challenges as an opportunity to buy up promising products and storefronts, while using their scale and operational experience to clean up the marketplace for consumers.\nAcqucohas raised over $165 millionin equity and debt to buy Amazon marketplace retailers, building a business with close to $200 million in revenue from those entities. It’s one of the busiest corners of the start-up market, as companies likeThrasio, which ranked 22nd on the2021 CNBC Disruptor 50list, along with Perch, Heyday, Branded and Boosted Commerce haveraked in billions of dollarscombined to pull together businesses that have grown up on Amazon.\nNirmal said the top sellers are so inundated with pitches that it’s difficult to get meetings with them.\n“As a seller, when you get a message from someone about acquiring your business, you think of it as spam and go about your day,” said Nirmal, who previously spent over a year in Amazon’s marketplace business and also started his own brands and consulting businesses. “This is a unique opportunity to connect with friends, family and people that surround the sellers.”\nWhile Nirmal didn’t attend the Prosper show, he sent a few of his 60 full-time employees, including the head of sales, to network and meet sellers. Acquco also had some contractors distributing flyers and handing out merchandise.\nRivals Thrasio, Heyday and Perch had an even bigger presence at the show, as they were paid exhibitors with floor space and some speaking slots, according to Prosper’swebsite. It’s a big change from the last conference in 2019, when the rollup market was in its infancy. Thrasio was founded in 2018 and others followed over the next couple years.\nTotal attendance at Prosper appears to be up about 15% to 20% over the last in-person show in 2019, which attracted over 1,500 people, a conference representative said. The show began on Tuesday and wraps up on Thursday.\nHow to lure sellers\nCasey Gauss, a vice president at Thrasio, attended the show as part of his company’s contingent. He told CNBC that he joined in April 2020 as employee number 26, and that the last time he checked last week, the company had a workforce of 930.\nThrasio hasraised$1.75 billion, the most of any company in the space. While it’s not giving away Teslas, the company did host a pricey party Wednesday night at the Bellagio Hotel, called “Feast by the Fountains,” referring to the resort’s outdoor fountain show. Gauss said he expected about 180 people.\n“Feast by The Fountains will offer 5-star American cuisine and an open bar of top shelf cocktails inspired by the top supper clubs around the world,” thewebsitefor the event said.\nGauss said that the topic of aggregators has been front and center at the show and that companies have to find clever ways to meet sellers.\n“We tried to throw a nice event to allow high-end networking,” he said. “It’s a good opportunity, not only for us to hang out with prospective sellers that may want to sell to us and people that have sold to us. But also, we’re pretty intentional about just building good relationships in the community.”\nFor Acquco, this year’s Prosper is its first big event. The company said it’s trying to get its name out to more people — and the Tesla giveaway program is a way to make a splash.\nDavid Lam, the company’s vice president of growth strategy, said he’s been working with Tesla’s enterprise sales team on the program. The start-up did not get reduced pricing on the Model Ys, but he expects that once the program reaches about 20 cars, a discount will kick in, and then perhaps a steeper discount at the 50th sale.\nTesla giveaways have become more commonplace amongnon-profitsas a way to raise money and give people a chance to win through online raffles. The overall popularity of the cars is the main reason Tesla says it’s able to keep down marketing, promotional and advertising costs, which were “immaterial” over the past three years, according to its latestannual report.\nAcquco says in the giveaway material that it accepts leads for businesses with at least $500,000 in revenue but Nirmal expects to generally buy sellers that have topped $1 million. Nirmal won’t say how many acquisitions he’s completed to date, but said that three deals have been signed this week that will bring in about $40 million in revenue. Those all came prior to the Tesla giveaway.\nNirmal said Acquco started marketing the program at Prosper and will continue this week with ads across social platforms andGoogleas well as through influencers.\n“If there’s a business that looks good and fits into our partner profile, we want to give away these Teslas,” Nirmal 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world is crazy.","listText":"The world is crazy.","text":"The world is crazy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/147705107","repostId":1142212317,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5233157,"gmtCreate":1626390228950,"gmtModify":1663231029626,"authorId":3581575164069619,"author":{"id":3581575164069619,"idStr":"3581575164069619","authorId":3581575164069619,"name":"slpt2980","avatar":"https://static.tigerbbs.com/f7ba82f513e97f480c7bb7f8db0e6e08","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":147705107,"type":1,"supId":0,"prevId":0,"content":"[Smile]","text":"[Smile]","html":"[Smile]"}],"langContent":"EN"},{"id":147445985,"gmtCreate":1626388553947,"gmtModify":1703759021539,"author":{"id":"3576136439050386","authorId":"3576136439050386","name":"MKSoh","avatar":"https://community-static.tradeup.com/news/ce24ff5f2c5b5ece827e6cade3865d87","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576136439050386","authorIdStr":"3576136439050386"},"htmlText":"Poor 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