Overstock Auctions Contributed $250 Million to Main Site Before Closing

In a post-earnings conference call with investors last week, Overstock.com founder and CEO Patrick Byrne addressed the recent closure of the online auction marketplace, saying Overstock's mantra is the savings engine, and that there was no way to make auctions come cheaper for the consumer. Despite the fact that Byrne said Overstock Auctions had sent many new customers to the main site where they shopped - he estimated it was on the order of $250 million over the years - the company closed the auction site in mid-July. Overstock.com reported revenue was up 2% in the second quarter year-over-year