WatchBox has completed the acquisition of Chronofy, a valuation service for the secondary watch market that helps retailers to identify, value, authenticate, and sell pre-owned timepieces.
Chronofy feeds its pre-owned watch data into a mobile application, desktop platform and printed watch guide that helps jewelers, dealers and pawnbrokers to instantly work out prices for trade-in timepieces and mark them up for resale.
The platform is backed by a support team trained to help with any particularly tricky questions that often arise when less common vintage watches are offered as trade-ins.
Chronofy now serves as the foundation for newly launched business unit at Watchbox that aims to become a one-stop pre-owned solution for independent watch retailers.
Once subscribed to Chronofy, retailers will be equipped to accept trade-ins and offer purchasing services to their clients.
“The growth of the secondary watch market has led to a rising demand from consumers for services to more easily sell or trade their unworn watches,” WatchBox CEO Danny Govberg says. “Few authorized watch retailers have the ability to price, authenticate, and sell watches that are traded in. Chronofy’s toolbox will be a welcomed resource for these retailers.”
“It is really about putting the customer first,” adds WatchBox president and chief operating officer, Amanda Ellison. “Today’s customer wants to be able to buy, sell and trade their watches in one fell swoop, and Chronofy’s purchase guarantee allows jewellers to confidently accept trades without assuming the inventory risk. Combined with WatchBox’s ability to buy pre-owned watches, we now empower retailers to meet the needs of clients that are currently being driven to other channels.”
Following the acquisition, Chronofy founder Joe Akar says he hopes working within the Watchbox organisation will bring authenticity, pricing transparency, and confidence to the pre-owned market.