Probstein Leaving Ebay on Oct 23, Starting Snype

[FromVAtoLA]

Here's details of the new business Probstein announced earlier in the year. My guess is Probstein spent two decades building a business with $1B in sales and realized no wanted to buy it for what he thought it was worth. (Him: I have a $1B in sales! Potential Buyers: And you have no assets - all you have to show for it is a bunch of followers on Ebay?!) It says he owns 90% of this. So, if it's successful, he can sell his equity.

He has the most eyeballs of anyone on Ebay. A lot of eyeballs means a lot of bids. A lot of bids means that the cards go for solid prices. And that's all consignors care about - getting the most for their item. If he can't get everyone to migrate over to this site then that means fewer eyeballs, fewer bids, and possibly lower prices. Time will tell whether his lower fees will make up for that.

Power seller Rick Probstein leaves eBay to create own platform
—
New auction platform snype will offer reduced fees, more shipping options
—
By Darren Rovell
—
September 26, 2025

In more than 21 years as a power seller on eBay, Rick Probstein sold almost 6 million sports collectibles, generating $925 million in sales.

Probstein, 56, shared those numbers with cllct Friday after revealing his last day on eBay will be Oct. 23. An eBay spokesperson could not immediately be reached for comment.

Probstein isn’t getting out of the game. He just thought he could build something better. In November, he will unveil snype, an auction app and website that aims to solve some of Probstein's biggest issues with other platforms.

It starts with logistics for power sellers.

“If someone sells a lot of items on our platform in a day, they can ship their items to us in one package, and we will send them out to the individual collectors,” Probstein said.

In order to get sellers to put their items on snype, Probstein has dropped his commission fees to 5% on an item under $1,000 and 3% for an item over $1,000.

In sports collectibles, eBay currently charges a 13.25% seller’s fee plus an extra 2.35% for items selling for more than $7,500.

Under the current formula, a seller of a $9,000 item on eBay would make $7,433. With Probstein’s snype, that same item at the same cost would net the seller $8,730.

Probstein says he thinks he will immediately be able to get market value for items.

Bidders, who pay no fees upon buying, can get multiple items for lower costs by holding their items won on the site for 30 days and then getting a single package to save on shipping costs.

While eBay closes an auction immediately at a prescribed time, snype will have extended bidding. A bidder can bid three ways: next bid, max bid or "snype." If a collector chooses snype bidding, the max bid hits with two seconds left and extends the auction 15 seconds.

Probstein said snype will also have unprecedented energy for an auction site. Aside from live commerce, chat is enabled within each auction.

Snype, based in New Jersey, has 35 employees. Three investors have joined Probstein, who says he owns 90% of the new company.

[BobbyStrawberry]

So do you have to send him your items to sell on his platform? Or can you sell directly to the buyer using his site to list?

[BioCRN]

Dude really named his auction platform "Snype"

*golf clap*

[BobbyStrawberry]

Originally Posted by BioCRN

Dude really named his auction platform "Snype"

*golf clap*

That's how all startups are named now. Just take a related word and misspell it:

Lyft
Disqus
Reddit
Flickr
Etc...

[doug.goodman]

Based solely on this thread, I like it.

No comment on allegations that have dogged him for years.

Slightly ironic that you won't really be able to snipe on snype, but I suppose that is why the name "works".

[sbfinley]

Live chat for auctions is going to be some prime “People Watching Olympics.”

[CardPadre]

Originally Posted by BobbyStrawberry

So do you have to send him your items to sell on his platform? Or can you sell directly to the buyer using his site to list?

Just from reading the post, I think it sounds like he is the Authenticity Guarantee in a sense and you keep your item until it sells and then it goes through him for delivery to the purchaser???

[Exhibitman]

[JustinD]

I’ll wait and see, but in my mind any competition for eBay is good in my book. The treatment of sellers and the fees on fees has been and continues to be ridiculous.

[BobbyStrawberry]

Originally Posted by CardPadre

Just from reading the post, I think it sounds like he is the Authenticity Guarantee in a sense and you keep your item until it sells and then it goes through him for delivery to the purchaser???

That would make sense. Just copy eBay's model. I would be open to using it, depending on what it looks like and how it goes for people early on.

[Lorewalker]

Originally Posted by JustinD

I’ll wait and see, but in my mind any competition for eBay is good in my book. The treatment of sellers and the fees on fees has been and continues to be ridiculous.

The fees are not horrible if you have a store and jump through a few hoops BUT paying the FVF on the sales tax that we do not collect, as a seller, is total BS.

And now with their slowly implementing the new policy of withholding funds until the item is delivered makes selling there less enticing.

[todeen]

Originally Posted by JustinD

I’ll wait and see, but in my mind any competition for eBay is good in my book. The treatment of sellers and the fees on fees has been and continues to be ridiculous.

Yep!

Sent from my SM-S926U using Tapatalk

[Fred]

Is the business model that people send him the cards and he sells/auctions everything as a one man show? The concept is interesting. It won't be like those brutal AH endings. Lots close one by one with that interesting extended bidding rule. As long as the auction lots are staggered and don't all close at the same time as AHs do, then it could work. The only thing that seems off is the income.

In sports collectibles, eBay currently charges a 13.25% seller’s fee plus an extra 2.35% for items selling for more than $7,500.

Under the current formula, a seller of a $9,000 item on eBay would make $7,433. With Probstein’s snype, that same item at the same cost would net the seller $8,730.


Something doesn't add up with those numbers. 3% net to Probstein and the rest to the seller? That must be one very efficient web presence. If the commission is around 3%, I wonder how much business that's going to drum up. I'm sure there will be other things that will increase the overall fee beyond 3%.

Crash and burn? Break even and have to increase fees to 6%? Huge success? This should be interesting to watch.
.
.
.

[premiercardcollectors]

I hope his sales are posted to VCP etc as those comps will be lost otherwise. I spoke with him at the National and I know he was trying to negotiate a new deal with eBay. I guess they passed.


Sent from my iPhone using Tapatalk

[BioCRN]

On the bright side, the last time something on this scale went down PWCC started their own auction site and for the first few auctions some stuff was like stepping into a time machine as far as the prices. That was fun.

That said, there were a lot of pissed off people swearing the site off in the beginning, too. The whole EBay shill bidding thing got some people salty, understandably.

[brianp-beme]

Perhaps they can join forces with Hunt Auctions so all the uninitiated can participate in a Snype-Hunt.


Brian (I have never been on a snipe hunt, but at least I know how to spell it)

[BillyCoxDodgers3B]

Originally Posted by Lorewalker

The fees are not horrible if you have a store and jump through a few hoops BUT paying the FVF on the sales tax that we do not collect, as a seller, is total BS.

This has long been a huge bone of contention with me. The bigger question: is this even legal? My layman's logic says no, but perhaps somebody reading with more familiarity on the laws pertaining to this might care to explain it better.

Where I live, a recurring problem has been restaurants applying sales tax to tips when the customer pays with debit or credit. That's another one.

[toledo_mudhen]

Originally Posted by JustinD

I’ll wait and see, but in my mind any competition for eBay is good in my book. The treatment of sellers and the fees on fees has been and continues to be ridiculous.

+!

Hopefully - This will be a wakeup call for FeePay - They been fleecing everyone for years.

[CardPadre]

Only a 3% fee for items selling for over $1000 is really interesting. How do you even process card payments for that amount and have anything left over? Can't imagine they wouldn't accept credit cards.

As for the live chat that goes along with the platform...sounds like it's geared towards a crowd different than the crowd here.

[raulus]

Good luck to probstein. Obviously a few others have tried similar ventures, but later decided it just didn’t work, probably because they struggled to get the same number of eyeballs and bids. While I’m all for competition for eBay, I’m not real optimistic that this effort will end any differently than other previous attempts. But maybe it will end up being more like an auction house?

[Republicaninmass]

Better than Shyll

[FromVAtoLA]

The article says Snype has 35 employees. He has $100M+/yr in Ebay sales so I suspect he has a similar number of employees helping him manage that volume and many will migrate to the new venture.

Originally Posted by Fred

Is the business model that people send him the cards and he sells/auctions everything as a one man show?

[BillyCoxDodgers3B]

Will be curious if BIN listings will be allowed, and if raw cards and autographs without the all-powerful TPA blessing will be permitted.

[doug.goodman]

Originally Posted by CardPadre

As for the live chat that goes along with the platform...sounds like it's geared towards a crowd different than the crowd here.

I may join JUST to chat...

[gonefishin]

I've never purchased, consigned or had any business dealings with him. However, I wish him well and will definitely consider using them once the bugs are worked out.

However, I'm a casual seller. I have slowed down my Ebay selling to almost nothing and haven't used PSA in months due to me not agreeing with the current state of both companies. Neither could care less if they lose my business because it is small potatoes. Just like a single vote doesn't carry much weight, but when considered in the total it can make a tremendous difference.

Maybe I'll just wise up and start selling on Net54!

[toledo_mudhen]

Add 1 more potato to your group. +1

[bmattioli]

Originally Posted by gonefishin

I've never purchased, consigned or had any business dealings with him. However, I wish him well and will definitely consider using them once the bugs are worked out.

However, I'm a casual seller. I have slowed down my Ebay selling to almost nothing and haven't used PSA in months due to me not agreeing with the current state of both companies. Neither could care less if they lose my business because it is small potatoes. Just like a single vote doesn't carry much weight, but when considered in the total it can make a tremendous difference.

Maybe I'll just wise up and start selling on Net54!

Facebook groups are another option. Many good people on them..

[Gorditadogg]

Originally Posted by Fred

Is the business model that people send him the cards and he sells/auctions everything as a one man show? The concept is interesting. It won't be like those brutal AH endings. Lots close one by one with that interesting extended bidding rule. As long as the auction lots are staggered and don't all close at the same time as AHs do, then it could work. The only thing that seems off is the income.

In sports collectibles, eBay currently charges a 13.25% seller’s fee plus an extra 2.35% for items selling for more than $7,500.

Under the current formula, a seller of a $9,000 item on eBay would make $7,433. With Probstein’s snype, that same item at the same cost would net the seller $8,730.


Something doesn't add up with those numbers. 3% net to Probstein and the rest to the seller? That must be one very efficient web presence. If the commission is around 3%, I wonder how much business that's going to drum up. I'm sure there will be other things that will increase the overall fee beyond 3%.

Crash and burn? Break even and have to increase fees to 6%? Huge success? This should be interesting to watch.
.
.
.

Those Ebay numbers are not right. It is 13.25 percent on the first $7500 and then 2.35% on everything above that. So the total Ebay fees would be $1029.

[premiercardcollectors]

Originally Posted by Gorditadogg

Those Ebay numbers are not right. It is 13.25 percent on the first $7500 and then 2.35% on everything above that. So the total Ebay fees would be $1029.

Unless you have an eBay store and then the 13.25% is on the first $2500.


Sent from my iPhone using Tapatalk

[megalimey]

Originally Posted by doug.goodman

Based solely on this thread, I like it.

No comment on allegations that have dogged him for years.

Slightly ironic that you won't really be able to snipe on snype, but I suppose that is why the name "works".

maybe an average of 345 negative feedback a month is becoming to much to bear ,had something to do with it

[D. Bergin]

Originally Posted by BobbyStrawberry

So do you have to send him your items to sell on his platform? Or can you sell directly to the buyer using his site to list?

This is my question as well. I like to be in control of my own sales, from the beginning of the process, until the end. I like to be able to choose what's "sellable", and what's not.

Otherwise, it's just another auction house among many.

It's the one thing that made Ebay stand out from all the others back in the late 90's.

I have nothing against Probstein, but based on their half-assed descriptions, and shipping practices stated over and over again in their feedback, this isn't quite the alternative to Ebay I have been looking for...for what seems like decades now.

Even if I am reading it properly, and you sell on their platform...and then ship to them, to ship to the buyer...that seems like a logistical nightmare. It essentially turns into a customs clearinghouse...or an Authenticity Program. Do you trust them to get your stuff to the right place, in a timely manner, after opening up your package and having to repackage for multiple buyers?

Wish them luck, and hope they prove me wrong. If it's better thought out then I am giving them credit for right now, and things seem to be going smoothly and with a decent buyer and seller base, I will certainly consider using them.

Also will be interested to see if they have will have BIN options. I like to mix up the selling strategies, and some oddball type things are certainly better letting sit for a bit to wait for the right buyer to find it on a search engine, then letting it rip in a short auction time frame.

[jbsports33]

Interesting post as I have followed Power Sellers for sports cards on eBay for years, tried to get tips and interest inside and outside eBay. I tried my own site and web pages years ago and without additional help or staff this can be a difficult task. Really too much BS and had to go back to shows and a little bit of eBay. I am sure just like PWCC he has staff, and that should help him transition. There was always great stuff to look at and just recently noticed some great non-sports listed last week from them. Have bought some items in the past, just not sure going to another site is the answer for me. There are already multiple auction platforms for cards and hard to keep track. I also tried the PSA vault a few times and where it’s all connected to eBay, it was easy to sell, and results turned out not too bad. and will be watching Greg Morris items more often now - Good discussion and wish them well!

[toledo_mudhen]

Originally Posted by CardPadre

Only a 3% fee for items selling for over $1000 is really interesting. How do you even process card payments for that amount and have anything left over? Can't imagine they wouldn't accept credit cards.

As for the live chat that goes along with the platform...sounds like it's geared towards a crowd different than the crowd here.

I don't think anyone can process a card for less than 3%

Everything I've ever seen (Master Card, Visa, et al) have always been in the 3%-4% range for vendors.

Can't imagine why they would say "Hey Rick - How bout we only charge you 1.5%"

[Lucas00]

https://youtu.be/dX-rM8sSQIE

[calvindog]

Rick's new platform will prevent shill bidding in his auctions? Does the platform retire him from the hobby?