It’s been just about two months since FOBO launched its local marketplace app for consumer electronics. But already, the app has proven wildly successful in its home market of San Francisco, where it’s pushing a $1 million run rate and spreading just by word-of-mouth.
FOBO is an ultra-simple app for buying — and selling — consumer electronics from your mobile phone. Aiming to be a Craigslist competitor, the app does away with many of the problems that users of that marketplace run into — i.e. lack of a guaranteed price, flaky buyers, and those who like to show up and haggle after the fact.
Here’s how it works: Sellers list their consumer electronics on the app, and FOBO offers them a guaranteed minimum price for each device. Then, the items are put up for 97-minute auctions, during which time local buyers can bid to purchase the goods for anything above the minimum price.