Used Merchandise Retailers (U.S.) — NAICS 459510

An investor's primer for both public-market and private investors. The North American Industry Classification System (NAICS) 2022 code 459510 covers establishments whose main business is selling used, secondhand, and antique goods.

1. Overview

This is the business of buying, taking in, or receiving used goods cheaply — through donations, trade-ins, or consignment — then sorting, pricing, and reselling them at a markup. It spans charity thrift stores, for-profit thrift chains, buy-sell-trade shops, consignment and vintage stores, antique dealers, and used-book, used-record, and used-sporting-goods stores. It is an operating ecosystem, not a single corporate sector.[4]

Two features make it unusual. First, the raw material is nearly free: inventory arrives as donations or is bought by the pound or on consignment, so gross margins are structurally high. Second, supply — not customer demand — is usually the binding constraint. You cannot reorder a bestseller from a factory; you sell what walks in the door, which makes efficient sourcing and processing the whole game.

The category is having a moment. Value-seeking, sustainability, and a recent squeeze on cheap new imports are all pushing shoppers toward pre-owned goods. Resale platform ThredUp — an interested party, since it sells resale — reports that U.S. secondhand apparel sales grew about 14% in 2024, roughly five times faster than the overall clothing-retail market, with a record 58% of consumers buying secondhand that year.[12]

Public vs. private ways in. The listed pure-plays are few: a for-profit thrift chain (Savers Value Village), a resale-store franchisor (Winmark), and two online consignment platforms (ThredUp and The RealReal), plus much broader marketplaces such as eBay. Crucially, the largest sellers of used goods in the country are not investable at all — they are the nonprofits Goodwill and The Salvation Army.[13][15] Private routes dominate the rest: owning, building, or franchising a store; financing a regional chain; funding resale logistics and technology; or reselling as an individual on eBay, Poshmark, or Whatnot.

2. What it is and how it's structured

Scope. NAICS 459510 covers establishments primarily engaged in retailing used merchandise, antiques, and secondhand goods.[4] Illustrative businesses: thrift shops, consignment shops, antique dealers, used-clothing stores, used-furniture and used-appliance stores, used-book and used-record stores, used sporting-goods stores, and used goods sold at auction.[4]

What it excludes (and where those activities sit). The classification is narrower than "everything used," and the exclusions matter for sizing the industry:[4]

• Pawnshops — classified in finance under NAICS 522299 (other nondepository credit), because their core activity is lending. Their sizeable used-goods retail sales therefore do not show up here.[4][22]
• Used cars (NAICS 441120); used auto parts (441330) and used tires (441340); used recreational vehicles, boats, motorcycles, and all-terrain vehicles (441210 / 441222 / 441227); and used mobile homes (459930).[4]
• General-line new-and-used merchandise auction houses (NAICS 455219).[4]
• Online-only resale marketplaces (eBay, Poshmark, Depop) are generally classified as electronic/nonstore retailers, not here — which is why they appear below as adjacent exposure rather than as the core industry.

The code describes business establishments, not whole corporations: a public company may combine stores, an online marketplace, franchising, logistics, and software across several reporting lines. Our federal data do not break the industry into a nonprofit/for-profit/public/private/informal split, so the ownership mix is best described in tiers:

1. Nonprofit networks — Goodwill and The Salvation Army, which sell donated goods to fund charitable programs.[13][15]
2. Scaled for-profit operators and franchises — Savers Value Village (owned inventory) and Winmark's franchised buy-sell brands.[6][8]
3. A long tail of independents — tens of thousands of small consignment, vintage, and antique shops, plus a vast informal layer of individual resellers.

3. How big it is

Federal figures for the store-based industry (our ground-truth data). Note the source years differ — concentration and receipts are from the 2022 Economic Census; the establishment, employment, and payroll counts are 2023 County Business Patterns (CBP) — so this is not a single-period snapshot:

Average pay works out to roughly $24,500 per employee (payroll ÷ employees), consistent with a low-wage, part-time-heavy retail workforce.[1] Our federal file contains no industry-wide growth rate, profit-margin, same-store-sales, inventory-turnover, or valuation series — where those appear below, they are company-level or third-party figures, not official industry data.

The undercount is large here — treat ~$24.8 billion as a floor, not the whole picture. CBP and the Economic Census primarily count employer establishments and firms with payroll; government-owned establishments, tiny nonemployer sellers, informal flea-market activity, and volunteer-only operations are generally missing.[1][5] Several big pieces of used-goods commerce sit outside the coded, for-profit store total:

• Nonprofit thrift. Goodwill's roughly 150 independent local organizations reported combined revenue across all activities of about $8.6 billion in fiscal 2024.[13][14] Much of the donated-goods retail economy is run by tax-exempt organizations and is not fully captured in the for-profit "firm" data.
• Individual and nonemployer sellers. The large population of sole-proprietor antique-booth vendors, estate-sale operators, and eBay/Poshmark resellers sits outside the employer count — a classic tiny-operator undercount.[1]
• Online and peer-to-peer channels. eBay, Facebook Marketplace, OfferUp, and yard sales move tens of billions of dollars in used goods but are classified elsewhere (or not captured at all). eBay alone runs tens of billions in annual gross merchandise volume, a large share of it pre-owned.[21]
• Pawnshops' retail sales, as noted, are booked under finance.[22]

So the federal figure captures the formal retail core; the true "recommerce" economy is several times larger.

4. The investable universe

Few pure public plays exist, and the biggest operators (Goodwill, Salvation Army) are nonprofits you cannot buy. Figures below are the latest reported (mostly fiscal-2025 10-K filings). Approximate market caps are early-2026 and move constantly — they are context, not targets.

These are not interchangeable. Savers is inventory-heavy and store-based; Winmark is essentially a royalty and franchise-fee business; The RealReal and ThredUp live and die on logistics, software, shipping, and buyer-seller liquidity; eBay is a far broader marketplace.

Adjacent public exposure (not in NAICS 459510 but economically linked):

• Etsy (Nasdaq: ETSY) — owns Depop (pending sale to eBay) and other resale-adjacent businesses.[19][21]
• FirstCash (Nasdaq: FCFS) and EZCORP (Nasdaq: EZPW) — pawn operators that also sell large volumes of used merchandise, though classified as finance.[22]
• Naver (South Korea) — owns the U.S. resale app Poshmark (acquired 2023).[21]

Major private and nonprofit owners:

• Goodwill Industries — a federation of ~150 independent local organizations operating roughly 3,200+ stores; dominant in donated-goods retail.[13]
• The Salvation Army — hundreds of U.S. thrift stores funding local Adult Rehabilitation programs. Counts vary widely by definition: its official store list shows roughly 887, while promotional materials cite 2,500+ locations.[15][16]
• Buffalo Exchange — a buy-sell-trade apparel chain with 40+ stores.[17]
• Uptown Cheapskate — a private resale franchise network with 160+ locations across 29 states.[18]
• Private-equity and venture-backed platforms — Vinted, Whatnot, StockX, GOAT, and others. Ares Management funds still controlled Savers, beneficially owning 75.6% as of January 3, 2026 — a reminder that "public" here often means a controlled company.[6]

There is no dedicated "thrift" or "resale" exchange-traded fund (ETF); public exposure is stock-by-stock.

5. How the money works

Economics vary by model, but a few levers are specific to secondhand retail:

• Near-zero cost of goods, high gross margin. Inventory is donated, bought by weight, or taken on consignment. ThredUp posted a 79.4% gross margin in fiscal 2025.[10] The catch: processing — sorting, cleaning, grading, pricing, and (for luxury) authenticating — is labor-intensive, so operating margins are far thinner than gross margins. High gross margins can mislead. ThredUp still reported a $20.2M loss from continuing operations in fiscal 2025, and The RealReal posted a $41.8M net loss the same year.[9][10]
• Sourcing cost and volume are the core input. Because you can't reorder from a supplier, the price and reliability of supply drive everything. Savers, for example, buys much of its inventory from nonprofit partners and paid them more than $490 million from 2020 to 2024; rising competition for donated goods pushes that cost up.[7]
• Throughput and sell-through. Processing capacity sets the ceiling on sales — Savers merchandised roughly 34,000 items per store per week in 2024.[7] Alongside ordinary retail metrics (comparable-store sales, average unit retail, units per transaction, inventory turns) sits a resale-specific one: sell-through rate, the share of intake that actually sells before markdown or disposal.
• Two revenue models. Owned inventory (Savers, thrift stores, pawn retail): buy or acquire the good, resell at a markup, keep the spread. Consignment / marketplace (The RealReal, ThredUp, Poshmark, eBay): never own most inventory; instead take a commission, or "take rate," on someone else's sale — capital-light, but dependent on volume to cover fixed listing and logistics costs. The RealReal's overall take rate was 37.7% in fiscal 2025.[9]
• Franchising (Winmark): the franchisor collects royalties on franchisee revenue rather than operating stores itself — a low-capital, high-return, high-cash-flow model, which is why Winmark converts ~$80M of company revenue into an outsized market value and pays regular and special dividends.[8]
• Wholesale recovery and authentication. Items unsuitable for store sale can be sold to wholesalers for reuse, recycling, or export, which limits (but doesn't eliminate) waste.[6] For luxury and collectibles, verifying genuine goods is a real cost — and a competitive barrier and defense against counterfeit liability.[9]

For store operators, watch comparable-store sales, traffic, sales yield per pound processed, accepted-donation rates, shrink, occupancy cost, and inventory aging. For online platforms, watch gross merchandise value (GMV), take rate, active buyers and sellers, repeat rates, customer-acquisition cost, returns, shipping cost, and contribution margin after fulfillment. GMV is not the same as revenue for a consignment platform.

6. What drives demand

• Value and inflation. Secondhand is cheaper; demand firms when household budgets tighten and new-goods prices rise. Used retail can be relatively resilient during consumer trade-down, though higher-ticket categories (luxury, furniture, sporting goods, collectibles) stay discretionary.[6][12]
• Tariffs and the import squeeze. The 2025 tightening of the U.S. "de minimis" rule — which had let sub-$800 parcels enter duty-free and fueled ultra-cheap sellers like Shein and Temu — raised the cost of new fast fashion and nudged price-sensitive shoppers toward resale. In ThredUp's survey, most consumers said they'd shop more secondhand if tariffs lifted apparel prices.[12][28]
• Sustainability and reuse, strongest among Gen Z and Millennials, who over-index on buying pre-owned. Depop, for instance, reported 7 million active buyers in 2025 with nearly 90% under age 34 — a platform-specific figure, not an industry-wide measure.[20]
• Destigmatization and culture. Thrifting has gone mainstream and social — "thrift hauls," vintage, and "flipping" are aspirational rather than embarrassing.
• Supply of donations. Closet churn from fast fashion, moves, and decluttering feeds the intake pipeline; a weak economy can raise demand while reducing the quality or volume of goods available.
• Falling friction from technology. AI-assisted listing, pricing, authentication, and search are making resale nearly as fast as buying new — a structural tailwind.[12]
• Brand participation. Apparel and luxury brands increasingly run resale programs (often powered by providers like ThredUp) to retain customers and monetize returned or previously sold merchandise.[12]

7. Regulation

Used-goods retail carries no single federal license, but it faces a patchwork:

• Product safety. The Consumer Product Safety Commission (CPSC) says its rules reach thrift stores, consignment stores, charities, flea markets, and online resellers. Resellers generally need not test used products, but they cannot knowingly sell recalled, banned, or otherwise unlawful goods (e.g., recalled cribs, or children's items exceeding lead limits).[23]
• Condition disclosures. The Federal Trade Commission (FTC) treats deceptive sale of used or rebuilt merchandise — including failing to disclose that goods are used or reconditioned — as a potential violation.[24]
• Secondhand-dealer and anti-fencing laws. Many states and cities require secondhand dealers to hold licenses, keep transaction records, observe holding periods, and sometimes report purchases to police — rules aimed at deterring the sale of stolen goods. California, for example, requires covered acquisitions to be reported by the next business day, seller identification kept for three years, and holding periods for certain goods; Florida's Chapter 538 is another example. These bite hardest on electronics, jewelry, and metals resellers.[26][27]
• Online marketplaces. The federal INFORM Consumers Act (Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act), effective June 27, 2023, requires covered marketplaces to collect, verify, and disclose information about high-volume third-party sellers, to deter sales of stolen, counterfeit, or unsafe goods. Whether used-only transactions are covered depends on the business model.[25]
• Consignment and sales tax. State consignment statutes govern the consignor–seller relationship, and marketplace-facilitator laws make platforms collect sales tax.
• Trademark and counterfeit exposure shapes the luxury-resale segment; authentication practices carry real legal risk.[9]
• Tax-exempt status and donation deductions underpin the nonprofit thrift model — a policy subsidy on both the supply side (deductible donations) and the cost side.

8. Competitive dynamics and consolidation

This is one of the most fragmented retail industries in the federal data. The four largest firms hold just 9.8% of revenue (CR4), the top eight 14.6%, the top twenty 22.2%, and the top fifty only 32.2%.[2] The Herfindahl-Hirschman Index (HHI) — a concentration score where higher means more concentrated and a one-firm monopoly scores 10,000 — is a mere 39.4, near the floor of "unconcentrated."[2] A vast long tail of independent thrift, vintage, antique, and consignment shops, plus millions of individual online resellers, makes up the bulk of activity.

Against that fragmentation, a few consolidators stand out:

• Savers rolls up regional thrift chains (it has acquired brands such as 2nd Ave and smaller operators) and reports being nearly ten times larger than the next-largest for-profit thrift operator by store count — a company-reported comparison.[6][7]
• Winmark aggregates independents under national franchise brands.[8]
• Nonprofits Goodwill and The Salvation Army dominate donated-goods store retail, but as decentralized local organizations rather than a single national chain.[13][15]
• Online, the map is consolidating: eBay is buying Depop from Etsy, Naver bought Poshmark, and category leaders have emerged in each niche — luxury (The RealReal), sneakers (StockX, GOAT), livestream (Whatnot), and peer-to-peer (Facebook Marketplace, OfferUp).[19][21]

Competitive edges come from reliable access to quality merchandise, efficient sorting/pricing/authentication, dense store locations and donor relationships, brand trust, wholesale channels for unsold goods, online network effects, and franchise systems that transfer operating know-how. Consolidation is more likely in digital resale, franchising, logistics, and specialized categories than across the whole store market; physical roll-ups face local sourcing, inconsistent inventory, labor, lease, and nonprofit-governance frictions. ThredUp frames the next phase as structural competition — growth coming increasingly from share shifts between resale and new, and between platforms, rather than from brand-new participants.[12]

9. Risks

• Supply dependence and sourcing-cost inflation. More buyers competing for donated and traded-in goods (including export and recycling channels) raises input costs; a thrift chain squeezed on supply cost sees margins compress.[6]
• Labor and processing intensity. Nearly every item is unique, so sorting, pricing, listing, packing, and authentication resist automation; wage inflation hits directly, though AI is starting to help.[12]
• Unproven online profitability. Pure-play online resale has historically lost money — reverse logistics and per-item handling are expensive. The RealReal only recently reached positive adjusted EBITDA yet still posts GAAP net losses, and ThredUp remains loss-making despite an ~80% gross margin.[9][10]
• Margin compression. Shipping, packaging, rent, wages, marketing, and marketplace fees can absorb revenue growth.
• Free peer-to-peer competition. Facebook Marketplace, OfferUp, and garage sales charge little or nothing, capping the pricing power of fee-based platforms; off-price and fast-fashion retailers also compete for the same value shopper.
• Demand cyclicality and adverse selection. High-end consignment tracks consumer sentiment; and as fast fashion floods the donation stream, the average quality — and resale value — of intake can fall.
• Safety, authenticity, and counterfeit liability. Recalled goods, counterfeit luxury items, stolen merchandise, and inaccurate condition descriptions create financial and reputational risk.[9][23][24]
• Policy reversal. The tariff/de-minimis tailwind could unwind, and changes to charitable-deduction rules would hit the nonprofit model.
• Governance and capital structure. Public investors should scrutinize controlled-company structures, private-equity ownership, debt, and dilution. Savers remains controlled by Ares funds.[6]
• Regulatory compliance costs from secondhand-dealer, product-safety, and INFORM rules.[23][25][26]

10. How to invest and the outlook

Public routes (share prices, market caps, take rates, and yields all move):

• Store-based thrift — Savers Value Village (SVV): the closest thing to a profitable pure-play, ~$1.5B revenue and ~367 stores, leveraged to sourcing efficiency and comparable-store sales.[6]
• Capital-light franchising — Winmark (WINA): a small-revenue but high-return, cash-generative franchisor with a dividend record — the "toll-road" way to own resale.[8]
• Online consignment — The RealReal (REAL) for luxury and ThredUp (TDUP) for mass-market apparel and RaaS; higher growth, higher risk, thinner or still-emerging profits.[9][10]
• Broad recommerce — eBay (EBAY); plus adjacent exposure via Etsy (ETSY) and pawn operators FirstCash (FCFS) / EZCORP (EZPW) for used-goods exposure bundled with other businesses.[19][22]

Match the valuation lens to the model: store operators through comparable-store sales, cash flow, inventory productivity, labor/occupancy cost, and leverage; marketplaces through GMV, take rate, repeat activity, fulfillment cost, returns, and cash burn; franchisors through royalty growth, franchisee health, openings/closures, and renewal economics.

Private routes:

• Operate or franchise a store — a Winmark franchise or an independent consignment/vintage shop is low-capital and local.[8]
• Reselling and arbitrage — the informal, nonemployer layer: sourcing and flipping on eBay, Poshmark, Whatnot, or StockX. Much of the industry's real headcount lives here, invisible to the federal store data.
• Venture, private equity, and infrastructure — back a franchisee, finance a regional chain, or fund processing, wholesale, software, or logistics providers. Most fast-growing platforms (Vinted, Whatnot, StockX, GOAT) are private; Savers' own history as an Ares holding before its 2023 IPO is the template.[6]

Nonprofit thrift networks (Goodwill, The Salvation Army) offer real operating scale and mission impact but are not conventional equity investments.[13][15]

Outlook (forward-looking; a judgment, not a guarantee). The structural case is constructive. ThredUp — again, an interested party — projects U.S. resale apparel reaching roughly $74 billion by 2029 and about $79 billion by 2030, with the global secondhand apparel market approaching $393 billion by 2030, growth several times faster than clothing retail overall.[11][12] Value-seeking, sustainability, tariff-driven price gaps, brand adoption, and AI-reduced friction all support continued gains. The caution: the industry is entering a more competitive phase — fragmentation and free peer-to-peer channels limit pricing power, online profitability remains unproven at scale, and rising competition for used-goods supply pressures the cost side. The more important question than "does the category grow?" is "who captures the economics?" The likely durable winners are operators with a genuine edge in the two things that actually bind here — cheap, reliable sourcing and efficient processing — plus the capital-light franchisor model and platforms with real authentication and scale moats, over businesses that merely add resale volume while shipping and labor costs consume the margin.

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Sources

1. U.S. Census Bureau. County Business Patterns, 2023 — Table CB2300CBP, NAICS 459510 (establishments, employment, annual payroll). 2025. https://data.census.gov/table/CBP2023.CB2300CBP
2. U.S. Census Bureau. 2022 Economic Census — EC2200SIZECONCEN, Concentration of Largest Firms, NAICS 459510 (receipts, firm count, concentration ratios, HHI). 2024–2025. https://data.census.gov/table/ECNSIZE2022.EC2200SIZECONCEN
3. U.S. Small Business Administration. Table of Small Business Size Standards (NAICS 459510 = $14 million average annual receipts). March 2023. https://www.sba.gov/document/support-table-size-standards
4. U.S. Census Bureau. 459510 Used Merchandise Retailers — 2022 NAICS Definition (illustrative examples and exclusions). 2022. https://www.census.gov/naics/?details=459510&input=459510&year=2022
5. U.S. Census Bureau. Economic Census: Understanding NAICS and Industry Classification (coverage of employer vs. nonemployer businesses). 2025. https://www.census.gov/programs-surveys/economic-census/year/2022/guidance/understanding-naics.html
6. Savers Value Village, Inc. Form 10-K for fiscal year ended January 3, 2026 (store counts, average unit retail, sourcing/wholesale, Ares ownership). 2026. https://www.sec.gov/Archives/edgar/data/1883313/000188331326000014/svv-20260103.htm
7. Savers Value Village, Inc. Q1 2024 results and Georgia chain acquisition; FY2024 Form 10-K (nonprofit payments 2020–2024, items processed per store, June 2023 IPO). 2024–2025. https://ir.savers.com/news/news-details/2024/Savers-Value-Village-Inc.-Reports-First-Quarter-Financial-Results-and-Acquisition-of-Thrift-Store-Chain-with-Seven-Locations-in-Georgia/default.aspx
8. Winmark Corporation. Form 10-K for fiscal year ended December 27, 2025 (1,378 franchises, $1.682B system-wide sales, royalty model). 2026. https://www.sec.gov/Archives/edgar/data/908315/000090831526000007/wina-20251227x10k.htm
9. The RealReal, Inc. Form 10-K for year ended December 31, 2025 (revenue $692.8M, 37.7% take rate, 1.056M active buyers, $41.8M net loss). 2026. https://www.sec.gov/Archives/edgar/data/1573221/000157322126000010/real-20251231.htm
10. ThredUp Inc. Form 10-K for year ended December 31, 2025 (revenue $310.8M, 79.4% gross margin, $20.2M loss from continuing operations, capacity, Remix divestiture). 2026. https://www.sec.gov/Archives/edgar/data/1484778/000148477826000007/tdup-20251231.htm
11. ThredUp Inc. 2025 Resale Report (13th annual) — U.S. and global resale-apparel projections. 2025. https://cf-assets-tup.thredup.com/resale_report/2025/ThredUp_Resale_Report_2025.pdf
12. ThredUp Inc. 14th Annual Resale Report Reveals New Era of Structural Competition and AI-Driven Discovery (2024 growth, 58% bought secondhand, tariff survey). Business Wire, 2026. https://www.businesswire.com/news/home/20260402799816/en/ThredUps-14th-Annual-Resale-Report-Reveals-New-Era-of-Structural-Competition-and-AI-Driven-Discovery
13. Goodwill Industries International. 2024 Annual Impact Report (~150 independent local organizations; store network). 2024. https://www.goodwill.org/annual-report/
14. Wikipedia. Goodwill Industries (combined FY2024 revenue ~$8.6 billion; store count). 2025. https://en.wikipedia.org/wiki/Goodwill_Industries
15. The Salvation Army USA. Thrift Stores (official store list, ~887 U.S. thrift stores). 2026. https://www.salvationarmyusa.org/thrift-stores/
16. The Salvation Army USA. This National Thrift Shop Day, Support Your Local Nonprofit Thrift Stores (2,500+ thrift locations). 2024. https://www.salvationarmyusa.org/stories/this-national-thrift-shop-day-support-your-local-nonprofit-thrift-stores/
17. Buffalo Exchange. About Us (40+ buy-sell-trade stores). 2026. https://buffaloexchange.com/about-us/
18. Uptown Cheapskate. About (160+ locations across 29 states). 2026. https://www.uptowncheapskate.com/about/
19. eBay Inc. First-Quarter 2026 Results and Depop Acquisition Update (~$1.2B, expected close ~Q3 2026). 2026. https://www.sec.gov/Archives/edgar/data/1065088/000106508826000092/exhibit991erebayq12026.htm
20. eBay Inc. 2025 Annual Report (Form 10-K) — pre-owned marketplace positioning; Depop active buyers and demographics. 2026. https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm
21. WWD. The Resale Market: Who's Playing, Who's Leading, Who's Emerging (marketplace GMV; Etsy/Depop and Naver/Poshmark ownership). 2024. https://wwd.com/sustainability/business/feature/ebay-etsy-mercari-thredup-therealreal-clothing-resale-players-market-1234894315/
22. Streetwise Reports. Pawn Shop Sector Signals Consumer Trends as EZCORP and FirstCash Deliver Record Results (pawn used-goods retail sales). 2026. https://www.streetwisereports.com/article/2026/06/16/pawn-shop-sector-signals-consumer-trends-as-ezcorp-and-firstcash-holdings-deliver-record-results.html
23. U.S. Consumer Product Safety Commission. Resellers Guide to Selling Safer Products / Resale & Thrift Stores Information Center. 2025. https://www.cpsc.gov/s3fs-public/254_ResellersGuide_2-5-25.pdf
24. U.S. Federal Trade Commission. Penalty Offenses Concerning the Sale of Used and/or Rebuilt Merchandise. 2022. https://www.ftc.gov/enforcement/penalty-offenses/used-rebuilt
25. U.S. Federal Trade Commission. Informing Businesses about the INFORM Consumers Act (effective June 27, 2023). 2023. https://www.ftc.gov/business-guidance/resources/INFORMAct
26. The Florida Senate. 2024 Florida Statutes, Chapter 538 — Secondhand Dealers and Secondary Metals Recyclers. 2024. https://www.flsenate.gov/Laws/Statutes/2024/Chapter538/All
27. California Legislature. Business and Professions Code, Division 8, Chapter 9 — Secondhand Goods (reporting, recordkeeping, holding periods). Current text. https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?article=4.&chapter=9.&division=8.&lawCode=BPC
28. Trellis / NPR. Tariffs, the de minimis loophole, and secondhand apparel demand. 2025. https://trellis.net/article/tariffs-drive-secondhand-apparel-record-levels/