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myBookCrate.com Rapidly Expands Automated Marketplace for TextbooksMarketplace Now Available to Students at Colleges and Universities Nationwide (March 20, 2012)
PASADENA, CA -- (Marketwire) -- 03/20/12 -- myBookCrate (www.myBookCrate.com), the first national, automated marketplace for students to buy and sell textbooks on campus, today announced that it has rapidly expanded its marketplace and is now available to students at colleges and universities nationwide. By using myBookCrate, students can now receive the fair market value by transacting with classmates, instead of selling to textbook intermediaries for as little as 3% of the original sale price. In addition, myBookCrate's innovative online payment system streamlines in-person transactions by facilitating payments through a simple text message, which represents a breakthrough for the industry. myBookCrate began its beta period in November 2011.
Historically, campus bookstores and other textbook intermediaries have consistently undercut students when buying back textbooks because there has never been a convenient marketplace that allows students to transact on campus. As a result, the system has become broken and students are increasingly struggling with the high cost of textbooks. Many students have decided to rent their books, a choice that can be extremely costly. According to OnCampus Research, renting textbooks costs more than 40% on average of the retail price for the same books new.(1) Specifically, in 2009 new textbooks retailed for $62 and used for $52 according to the National Association of College Stores.(2)
myBookCrate brings a fresh approach to the textbook marketplace. Its marketplace is intuitive, automated and free to join. Students select the books that they would like to sell and the books they would like to buy from the company's continually growing catalogue of more than 8.5 million titles. Then, myBookCrate automatically notifies students when the books in their account have sold and when the books they need become available. In addition, myBookCrate's unique payment platform makes local transactions easier than ever before for busy students, because buyers no longer need to worry about paying with cash and sellers are paid directly to their bank accounts.
"At myBookCrate, our mission is to help students across the country lower the cost of owning textbooks," says Erik Bogaard, founder and college junior, myBookCrate.com. "We are excited that we are now able to help more students at more schools across the country. We're innovating rapidly and look forward to continue bringing much needed change to the textbook market."
1. OnCampus Research. College Store Book Rental Program. Survey. http://www.nacs.org. November 2010. Accessed online. 13 September 2011. http://www.nacs.org.
2. National Association of College Stores. Higher Education Retail Market Facts & Figures, February 2011. NACS. 6 March 2012. http://www.nacs.org.
myBookCrate.com, a student-built company, is the first marketplace that streamlines on-campus transactions for students to buy and sell textbooks. By eliminating the intermediaries from textbook sales, students benefit when buying and selling. myBookCrate's automated marketplace is the most cost-effective option for textbooks, including rentals and digital.
For more information on the company or its founder, please call 866-346-5057 ext. 1 or email [email protected].
866-346-5057 ext. 1
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