Molson Hart

I don't know their numbers like P/E but from a practical perspective, most of the categories that they sell into are under major threat, either by Amazon or Facebook Marketplace. Their share is falling AFAIK almost everywhere they're operating.

Do you have a feel for what is driving that leakage? Better buyer experience? Better discovery tools/features?

eBay does a lot of things, so you need to break each down by category. For new products: amazon has a better return policy, shipping, and now selection For used products: everyone knows how to use facebook and more people use it than ebay so its more practical to sell

We sell on eBay and Amazon and Amazon's back-end systems are so much more intuitive and easy to use than eBay's. Auctions and listing fees are confusing, compared to our postings on facebook as well. eBay does other stuff and can't speak for that.