Overstock to add Automotive, Social Media tabs this month

[mandy]

Overstock filed for a 2.7 million share stock offering on Friday 12/15.  Expected proceeds from the sale $40 million.

From the filing:

    We are developing two tabs which we expect to begin displaying on our website sometime between December 20 and 30, 2006. The first is an automotive tab which will show automobiles for sale by car dealers and allow users to express offers on those automobiles through our website to the dealers. The car dealers will make the actual sales. The second is a social media tab wherein users who share common interests can collaborate with other users to author articles about their interests.

THE OFFERING
Common stock offered by us   2,734,152 shares.

Common stock to be outstanding after this offering
 
23,401,993 shares.(1)

Use of proceeds
 
We will receive net proceeds before expenses from the sale of common stock offered by this prospectus supplement of approximately $39.6 million, which we plan to use for general corporate purposes and working capital requirements, including sales and marketing activities and inventory purchases. In addition, we may use a portion of the net proceeds to acquire complementary technologies or businesses. However, we currently have no commitments or agreements and are not involved in any negotiations with respect to any such transactions..

the full SEC filing: http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NDU0NTcxOSZhdHRhY2g9T04=

[amy]

Thank you FUCKTARDS for deciding to add a Social Media tab.  I'm sure that millions will be flocking to Overstock for the opportunity to social network with their fellow buyers of closeout and refurbished goods! :

Based on the number of sellers and buyers who were totally turned off by the network friends spamathon contest when O's auctions opened, I'm sure this will be a roaring success too. :

Two plus years and waiting for them to open the site to international bidders, add a blocked bidder list and the ability to cancel bids, etc. 

[thentavius]

They killed the auctions for this crap?

[amy]

[quote author=thentavius link=topic=6337.msg37197#msg37197 date=1166382428]
They killed the auctions [/quote]

Killed is a very accurate description.

Listing Counts Before and After the MIM/Subscriptions Bombshells
Before: 300-340,000 range
Today (less than 3 weeks later): 196,000

[thentavius]

Listing Counts Before and After the MIM/Subscriptions Bombshells
Before: 300-340,000 range
Today (less than 3 weeks later): 196,000

And I'm sure it will drop even more.

[mandy]

Overstock Cars is here.  A letter from Patrick:

Greetings, and thank you for visiting our car program, the newest addition to Overstock.com. Overstock.com Cars will give you the ability to find vehicles of all makes and models and in all price ranges.

This site was built in collaboration with local car dealers in Utah. We designed it with the intent of providing both dealers and customers the best online car shopping experience yet. Overstock.com does not directly sell the vehicles listed here. Instead, we are bringing you the best offers from the best dealers located across the United States, in a format that lets you compare cars, contact dealers, and make offers without pressure.

Through Overstock.com Cars, letting a dealer know of your interest in a vehicle is quick and easy. You will be able select one of these site features to text message and email the dealer instantly:

    * Accept the Dealer's Lot Price on the Vehicle – This feature tells the dealer that you are willing to pay the asking price of the vehicle.

    * Make an Offer on a Vehicle – This feature sends the dealer your counter-offer to the lot price.

    * Ask the Dealer a Question about the Vehicle – If you have a question or comment about a vehicle, enter it and a salesperson will answer directly.

Please know that whenever you make an offer or accept the lot price on a vehicle, your offer is non-binding, and neither you nor the dealer will be held to that price. The final price can only be worked out between you and the dealer. We aim merely to introduce the two of you and enable a conversation between you to get started.

In the next few months, you can expect more user-friendly features such as:

    * Side-by-Side Vehicle Comparison – This feature will allow you to "click-to-compare" similar features for two or more vehicles on the site.

    * Vehicle Research – This feature will allow you to do more in-depth research on the vehicle you want by using Kelly Blue Book, Edmunds, Carfax and other resources to research a vehicle's history and find its true value.

Welcome to Overstock.com Cars. We hope the experience here thrills you.

The new Cars tab: http://cars.overstock.com/index.php