Ladies and Gentlemen in Pawnland!
We at the Pawnshop Consulting Group are happy to report that we are working with a new client group based in Russia. We have met with them here in the USA and are making preparations on going to Moscow to see life after the communist revolution.
It may be surprising to many of us out here, that Russia actually has a thriving industry in their economy today. Russia like many countries sees a wide spread between the haves and the have not’s so to speak. The Industry in Russia today is thriving and doing quite well from what we can see thus far.
Our client group in Russia has a couple of different business models, one is the basic micro-lending store front’s that provide quick cash primarily on Gold and the hold periods for the items are under similar terms as most US based pawnshops have with an accruing service charge of approximately 10% per month.
The other business model they have is a large, appointment only operation that deals only in high-value collateral. As it has been described to me they lend against real estate, automobiles, aircraft and very high end artwork and antiquities. This operation is based in the Antique district in Moscow and represents a very formidable approach to this industry in Russia.
I have been informed that there are many old world treasures in the country, and as such presents significant opportunity for those who know what they are looking at and how to lend against them.
At present we are exploring developing a joint venture software product in conjunction with our group in Russia to release and to perhaps offer to other clients in Russia once we get moving along as they say.
The art of lending in Russia FYI is also referred to as “Lombard”, an old world saying representing the act of pawning as we know it here in the USA.
Stay tuned, our friends from Russia have tentatively committed to attending our historic Pawn Symposium and Conference in September in Florida, hope to see some more of you there!
We at the Pawnshop Consulting Group pride ourselves on our growing International Community and are proud to say that we now servicing hundreds of clients in more than 35 countries around the world today!
Pawnshop Consulting Group, Inc.