PawnMaster Blog

Corby Logue

Mr. Logue has over 30 years of experience in the pawn and collateral loan industry. He has held and operated almost every position the industry can offer including tenured positions at a strategic level in the sales, operations and acquisition lines of business. Before coming to Data Age Business Systems, Mr. Logue was the Chief Operations Officer at National Pawn and Jewelry, one of the largest privately owned chain pawn shops in the United States with 33 stores. Prior to that, Mr. Logue began his career with EZ Pawn, his family’s pawn shop, which grew from a privately owned, single-store operation to 225 publicly traded locations. He managed operations on the private side and lead the acquisitions team on the public side. Mr. Logue has an extensive business background and earned a degree in Communications from The University of Texas at Austin. Mr. Logue’s success and contribution to the pawn industry has gained him great respect and visibility which he will use to advance the success of other pawn shops.

Recent Posts

Get Started on Your Business Plan for 2018

 

  1. E-Commerce.  My kids have coined the phrase, “If you’re not online, you’ve flatlined.” to describe how their lives are so interwoven with the Internet and social media.  This also describes any pawn shop not utilizing various sales platforms (eBay, Amazon, Craigslist, GunBroker, etc.)  or social media such as Facebook and Twitter for marketing. Remember that rising inventory levels are a negative to the bottom line – its cash you already spent that’s now sitting!  The most active and successful pawnshops are constantly adding items to the Internet for sale.  In the old days when business was slow, my boss would tell me, “Go clean something!”  Now, the motto should be “Go post something!”

Pay 'em and Play 'em

As I travel across this country touring pawnshops from coast to coast, the most common challenge facing owners is rising inventory levels.  Their monthly sales are simply not keeping up with the amount of “pulls”, also known as inventory added through forfeited loans and purchases.  The conversation usually begins like this:

Why Pawn Shops Need Technology

The success of a pawnshop is reliant on many factors. In today’s world, countless technologies exist that help improve exposure and traffic, encourage professional education, utilize e-sales channels and, above all, empower pawnshop owners to achieve what they set out to do and allow them to be current while maintaining a high level of productivity. Pawnshops that want to stay relevant know that they must incorporate these technologies into their growth strategy.  In doing so, they reap additional benefits that keep them ahead of their competitors who fail to embrace technology, including:

The Manager's Circle

Does anyone out there know what the Manager’s Circle is?  If you’ve ever worked for me or know me professionally, then you absolutely know this concept.  It’s an imaginary circle, between the pawn counter and the front door where the manager resides while at work.  Why?  Because when a customer comes in to get a pawn, I want three things to happen:

5 Helpful Hints for Pawnbrokers - Volume 6

 


 

1. This is NOT your Grandpa's old pawn shop! We must have an outstanding customer experience!  Make it lively with upbeat music, smiling faces, etc.  Also, give away bottled water and/or popcorn.  Think about your shop from a "millenial's" perspective and make sure the experience is one that will bring them back because it is fun to be in your shop(s).

Pawn Shops Improve Lives

By a show of hands – how many of you got into the pawn business so you could help people? How many wanted to be the sole salvation for some families in a time of crisis?  Instead of making money, who of you wanted to make a difference instead?  I would suggest that very few (if any) of us got our start with such philanthropic motives in mind.  Truthfully, we all had large profits and multiple locations in our dreams, but a funny thing happened during the journey -  we learned that pawn shops make a difference in our customers' lives.

Employees as Advertising

There’s an old adage about advertising that I still remember to this day:

Probably half of the advertising dollars you spend are wasted...and you don’t know which half it is.

So instead of frustrating myself more, I stopped advertising and focused on my employees. I became the sole responsible party for all new employees from the initial interview of a CSR (break-in employee) to managers and supervisors. I knew what kind of people I wanted working for me and the only way that could happen was to control the process. 

Posted on 15 Sep 2017

Oklahoma Pawnbrokers Association Annual Convention - Beyond the Shop - Simple Steps to Success

We are honored to be the exclusive pawn software vendor attending the Oklahoma Pawnbrokers Association Annual Convention! Join us for our presentation offering you ideas you can take back and use in your shop right away -- most of which WON'T COST YOU ANYTHING!

4 Reasons You Should be Using Text Messaging Right Now

Easily the most popular (and the most financially impactful) add-on feature with PawnMaster is the text messaging module.  The advent of texting in our society has made it ubiquitous; globally, it is the number one means of communication and recent studies show that 90% of all texts are typically read within 5 minutes of receiving it.  In other words, if you’re not using text to communicate with your customers, you’re a dinosaur.  At least that’s what my kids tell me.

5 Helpful Hints for Pawnbrokers - Volume 5

 

 

1. Clean your customer’s jewelry…for free! Nothing gets a conversation started with a customer faster and smarter than, “Ma’am, would you like to me clean that ring for you?” – especially a jewelry customer.  It costs next to nothing, creates an avenue for discussion and virtually guarantees a satisfied customer – even if he/she doesn’t buy anything that trip.  Get the customer’s name/email/cell # and, for PM customers, use the want list feature available, and watch the sales roll in.  That’s a permanent customer.

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