Hundreds pile into Overstock.com auction in Utah

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SALT LAKE CITY (AP) ? Several hundred people have showed up for an auction of returned merchandise at the Salt Lake City warehouse of Internet retailer Overstock.com.

Turns out, Overstock was overstocked.

It was the company’s first auction, and an unusual one. Goods were sold by the pallet, each one containing a hodgepodge of unsorted items ? mostly furniture.

Salt Lake City auctioneer Rob Olson says 307 pallets of goods were sold for around $150,000 on Thursday.

Bidders say they bought their merchandise for about 30 cents on the dollar.

Overstock already wrote off the goods as losses, so it was happy to get any money back.