Interview With Quintin Thompson of BillionaireXchange.com

Quintin Thompson is the Executive Partner with BXE International. He recently took some time out of his busy day to discuss BillionaireXchange.com and his company’s ambitious goal of becoming the world’s first online auction and trade site for luxury items.

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Q: First of all Quintin, congratulations on the wonderful success of BillionaireXchange.com  What was the driving force behind the company’s concept?

A: I saw that there was a market for a quality online venue which could hold high-end luxury auctions online thus expanding the traditional approach beyond 4 walls. Traditional auction houses are limited in the number of potential bidders. BillionaireXchange is boundless. We’re able to use the power of the Internet to make these auctions accessible from all over the world.

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Q: Are you surprised at the success and growth rate of the company?

A: We’re not really surprised, because we saw the need for such a niche. By creating this venue we created a single place on the web to buy, sell, auction, and or exchange luxury items. We’re getting calls from people looking for a place to sell high-end listings due to the downturn in the economy; as well as international cash buyers looking to find great deals.
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Q: Do you get a lot of people questioning if the listing are real?

A: The funny thing is for the first 2 months; the majority of the calls to our offices were to ask if we were real. We’re like yes… we’re real; and so are the listings. Most of our listings have the sellers contact information in the details, others are private. So yes, all the auctions and listings are live, and if you buy it, you bought it.
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Q: BXE appears to have received a lot of media attention. What are some of the most notable write-ups?

A: They have all been really great. From the US, to UK, Russia, Hong Kong, all over. I really appreciate all the positive exposure that BillionaireXchange.com has received.
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Q: Why do you feel you can be successful in this luxury niche, versus say eBay … for example?

A: Simply put eBay is not built for the luxury market. Allot more finesse goes into selling items or assets valued sometimes into the tens of millions of dollars. That’s the DNA of Billionairexchange.com. Up until now, eBay was the only option. Now….
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Q: You have some amazing items listed on your site. How do you reach out to locate these unique sellers?

A: We are very selective with our marketing and advertising. We also take our memberships very seriously. All members are manually verified, and all items need to pass verification. We advertise in several online affluent social networking sites. For us, the quality of our visitors out ways the quantity. Some of our items come from private sellers whom ask us to list on their behalf. Due to the nature of our business we have to be very mind full of our clients privacy.
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Q: How would you answer a potential seller’s question, “Why should I list my luxury items on BillionaireXchange.com?”

A: So it will sell, and maintain its value throughout the course of the transaction. Not to mention we draw visitors from all over the world looking for everything from traditional exotic cars, to aircraft, to rare one of a kind luxuries. All under one roof. We use what we call the luxury mall approach; where you may come looking for a pair of pants, but leave with a jacket. The same applies to us. Someone coming to BillionaireXchange looking for a Yacht, could very well leave with your Bugatti.
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Q: Probably the biggest concern, people have buying/selling online is related to security and fraud. How does BXE address these important concerns?

A: This was the very first area we tackled in the beginning. Security on the internet is a HUGE concern, let alone buying or selling something for $5,000 – $75,000 or more. We attack this in several ways. 1. All members of BillionaireXchange are verified; next all items for sale are verified and approved by our Auction Verification department. 2. All items must have verifiable supporting documents to prove value and authenticity. 3. All deposits and online transactions are escrowed via Safefunds.com. 4. The buyer or seller is not alone. We coordinate the entire process including transportation and insurance. I think these 4 things truly set us apart from everybody else. I know people that have been selling online for years and never once spoke to the company supplying the auction services; it’s scary.
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Q: I see you offer an escrow service. Can you explain the purpose and why someone would want to use it?

A: In this market, Escrow Services are extremely important. They protect the buyer and seller. I see so many high priced items for sale online and in the description the seller says NO Escrow. I’m thinking, are you insane? I’m not sending you $5,000 over the internet based on your Power Seller stars. It’s ludicrous. To make these transactions more attractive, we partnered with Safefunds.com a nationally bonded escrow company to secure the transaction. Money is deposited into a federally insured bank account at Safefunds.com; until the buyer receives their purchase. Transportation and tracking is handled by our member services department. Again we’re involved every step of the way. I had a call today from someone looking to list some very rare stones and they asked how do I know you won’t take my money and run after the sale in escrow. My answer was, within 2-3 years Billionairexchange will be worth 1000 times what your one transaction will be. We’re not going anywhere.
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Q: Are you able to process buyer/seller transactions from outside the United States?

A: Yes, we’re able to accept payment via various merchant services accounts from any country and currency in the world. We also have the ability to offer currency exchange though a new partnership we’ve formed with World First in the UK. They’re a major player in the foreign exchange market.
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Q: Many so called “luxury” sites charge a membership fee to access their content. How does BillionaireXchange.com handle this issue?

A: I think an upfront fee only validates that you have the ability to access the content, and the riff raff will be scared away. For some sites this is a valid option, but for us it’s not. Although we currently validate each new member we will be moving to a private “By Invitation Only” format. I’ll make sure I get you on the list ahead of time.
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Q: What are the companies expansion plans, either domestically on internationally?

A: Currently we’re expanding our footprint into the UK, Italy, Germany, and Asia markets. Although we’re based in the US, it’s important for us to have representation in these Luxe markets.
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Q: Where would you like to see the company, in 3-5 years?

A: I would like to see BillionaireXchange reach the level of Sotheby’s or Christy’s. I believe with the speed of technology and the change in times it’s totally viable.
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