Leading pre-owned watch retailer WatchBox announced today that it’s acquired Chronofy, a popular valuation subscription service for the secondary watch market, and that it plans to market the service to independent retailers and watch dealers.
Chronofy—which has a mobile app, desktop platform, and the printed Chronofy Watch Guide (which many consider the blue book of pricing for pre-owned timepieces)—will serve as the foundation for a newly launched business unit at WatchBox, according to a company statement.
At the heart of WatchBox’s new Chronofy division will be the subscription service, geared to independent retailers and watch dealers.
Here’s what it’s offering: For an annual subscription fee ($375 to $675, depending on the chosen tier—see them here), retailers can subscribe to Chronofy to access its comprehensive pricing database and dedicated support team “for on-the-spot pricing guidance,” according to the company.
WatchBox will stand behind the prices in its new guide by offering a purchase guarantee for all models featured within its active database.
WatchBox CEO Danny Govberg believes the service is a needed one for retailers because, “few authorized watch retailers have the ability to price, authenticate, and sell watches that are traded in,” he said in the same statement. “Chronofy’s ‘toolbox’ will be a welcome resource for these retailers.”
WatchBox president and chief operating officer, Amanda Ellison, added, “Today’s customer wants to be able to buy, sell, and trade their watches in one fell swoop, and Chronofy’s purchase guarantee allows jewelers to confidently accept trades without assuming the inventory risk.”
Chronofy founder Joe Akar likes the deal, too. “The synergy between our companies makes this acquisition a natural fit,” he said in the statement. “We share in the mission to bring authenticity, pricing transparency, and confidence to the pre-owned category.”
Retailers and watch dealers interesting in checking out Chronofy for free, via a trial membership, can do so by visiting Chronofy or by contacting Mike Manjos (email@example.com; 203-550-2709).
Top: The Chronofy pre-owned watch valuation mobile app (photo courtesy of WatchBox)