San Rafael pawn shop closes after 57 years, leaving one less option for hard-pressed sellers
By Janis Mara
A decades-old San Rafael pawn shop has closed as part of what observers described as evolution in the industry.
Alan Hyman, owner of the 57-year-old Pawn Advantage at 846 Fourth St., sold his business to Robert Verhoeff, owner of Best Collateral. The latter company has eight stores in the Bay Area, including one in San Rafael, and has a forward-thinking business model, according to Marin Economic Forum head Robert Eyler.
With Pawn Advantage shuttered in Marin, it appears that Best Collateral is essentially the last pawn shop in the county. The Gold Drop in San Rafael buys gold but does not accept items for pawning, industry sources said, and Hyman and Verhoeff said they knew of no other pawnbrokers in Marin. A call to the Gold Drop was not returned.
Old-school pawn shops are taking a beating for many reasons, Eyler said.
“It’s a counter-cyclical business,” Eyler said. In hard times, traditional pawn shops benefit because desperate people in need of cash resort to pawning their belongings. When times get better, business goes down, because more people have jobs and income.
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