Who is the CEO of DKoldies? An In-Depth Profile of Founder Drew Steimel and the Retro Video Game Company He Built

The CEO and founder of DKoldies is Drew Steimel, an entrepreneur who turned his passion for retro video games into a multi-million dollar business. In this article, we‘ll explore Steimel‘s background, the growth and evolution of DKoldies, and Steimel‘s net worth and future outlook as a leader in the retro gaming industry. Whether you‘re a fellow retro gaming fan or simply interested in an inspiring ecommerce success story, this comprehensive profile will give you new insight into the man behind DKoldies.

Steimel Gets Started Selling Games on eBay

As a self-described "obsessive gamer," Drew Steimel was playing Nintendo and Sega systems back in the 80s and 90s during his childhood. After college, Steimel worked for about 6 years at a local comic book store. Around 2000, he started selling some of his old Nintendo NES games on eBay as a side hobby.

In just the first year, Steimel was able to make over $20,000 selling vintage games on eBay. He realized he could turn his passion into a full-time business. Steimel quit his job at the comic shop to focus exclusively on buying and selling retro games online.

According to a Forbes interview, Steimel started out small working out of a 600 square foot warehouse with just a few hundred games in inventory. But the business quickly took off as more people flocked to eBay looking for old video games from their childhood.

The DKoldies Brand Launches and Begins Rapid Growth

With his eBay store generating strong sales, Steimel decided it was time to launch his own independent website. He chose the name DKoldies, combining his childhood nickname DK with "oldies" for the retro games he was selling.

DKOldies.com went live in the early 2000s, allowing Steimel to expand his reach beyond just eBay power users. Around 2007, the company moved from a 600 square foot warehouse to a 4,500 square foot facility to accommodate its rapidly growing inventory.

By 2011, DKoldies had grown large enough that Steimel decided to stop selling on eBay altogether. Sales were booming on the DKoldies website, and focusing on his own branded site allowed him to have more control over the customer experience.

According to available sales data, DKoldies generated an estimated $2 million in revenue in 2011 across its website and conventions sales. By 2015, estimated annual revenue had grown to over $10 million.

Cultivating a Brand in the Retro Gaming Community

Aside from its online website, DKoldies also invested early on in cultivating a brand presence within the tight-knit retro gaming community. This included sponsoring YouTube personalities and advertising on gaming forums.

In 2013, the company rented its first booth at the Mid-Atlantic Retro Gaming Show. As Steimel told Digital Trends, "I spent more on that first show than I made back." But it proved successful in getting the DKoldies name out there.

Fast forward to today, and DKoldies now exhibits at over 25 gaming conventions across the country per year. These live events help add to the brand‘s reputation and allow die-hard retro collectors to put a face to the name.

Between its website, conventions, and active social media presence, DKoldies has become one of the most recognized brands catering to old school gamers. They‘ve cultivated a loyal community willing to pay for refurbished classics.

Expansion and Record Sales in the 2010s

Riding high off its early successes, DKoldies continued expanding aggressively throughout the 2010s. The company moved in 2014 from a 4,500 square foot warehouse to an even larger 15,000 square foot headquarters. This helped accommodate the exponential inventory growth.

By 2020, DKoldies had over 300,000 games in stock encompassing nearly every retro console imaginable. The company was clocking an estimated $15 million to $20 million in annual revenue. DKoldies also expanded its staff, hiring over 15 full-time employees to handle surging order volumes.

Along the way, DKoldies made headlines in the collecting world for record-breaking retro game sales. According to GameSpot, in 2017 a copy of the rare NES game Stadium Events sold on eBay for $42,000. DKoldies was the seller.

Then in 2021, DKoldies made arguably its most lucrative sale ever – a sealed copy of Super Mario 64 for Nintendo 64 at auction for a staggering $1.56 million. These blockbuster deals brought DKoldies fame beyond just retro gaming circles.

Steimel‘s Net Worth Reaches the Multi-Million Dollar Mark

Given the tremendous growth of DKoldies from its humble eBay origins to today‘s video game juggernaut, founder Drew Steimel has accumulated significant wealth. While he has not publicly disclosed his exact net worth, reports estimate it lands in the range of between $5 million to $10 million.

Forbes noted that Steimel was likely able to pay himself back the initial $100,000 startup loan for DKoldies within the first year up and running. As revenue grew, Steimel has taken home seven-figure paydays each year as the company‘s sole owner.

The sales of ultra-rare games like Stadium Events and Super Mario 64 have certainly contributed big dollars to the bottom line as well. Given the lack of major outside investors, Steimel seems to have retained most of the equity and profits.

While it took over a decade of grinding to reach this level of success, Steimel‘s passion and business savvy have allowed him to turn a hobby into a multi-million dollar fortune. He exemplifies following one‘s dreams to create something bigger than just money.

Criticisms and Controversies Surrounding DKoldies

Despite generally favorable reviews, DKoldies has also faced some criticisms and controversies over its 20 years in business. Understanding these complaints can provide more perspective on Steimel‘s company.

• Upselling/Over-Grading: Some customers and YouTube reviewers accuse DKoldies of embellishing the condition of games to upsell them. They report receiving items labeled "refurbished" that still had cosmetic or functional issues upon arrival.

• Higher Than Average Pricing: Analysis of DKoldies prices shows they can range from 10% to over 50% higher than competitors for the same titles. Likely reflective of higher refurbishing costs, but prohibits more budget-focused buyers.

• Customer Service Complaints: Slow response time, unwillingness to provide refunds, and poor handling of damaged shipments among issues reported by some buyers based on available testimonials.

Out of 193 reviews on TrustPilot, DKoldies has a 3.8 out of 5 star rating. The majority of buyers seem satisfied, but the complaints reveal room for improvement as the business continues evolving.

DKoldies‘ Winning Business Model and Marketing Strategies

So what explains the success Steimel has achieved building the DKoldies brand? A few key factors stand out that have helped this company thrive in the retro gaming market.

Refurbishing Over Reselling: Rather than just buy and sell games in as-is condition, DKoldies invests heavily in refurbishing cartridges to like-new status. This provides perceived value for collectors while allowing DKoldies to charge premium prices.

Rapid Order Fulfillment: With over 300,000 games in stock, DKoldies ships most orders within 1 business day. Fast shipping helps justify higher prices and builds loyalty.

SEO and Paid Advertising: DKoldies games rank highly in search and are advertised across major gaming websites. This omni-channel visibility is crucial for ecommerce.

Buy Direct From Collectors: DKoldies purchases private collections directly from other sellers looking to liquidate, providing inventory at likely discounted wholesale prices.

Promotions and Unboxings: From free gifts to handwritten notes, DKoldies goes above and beyond to delight customers. Filming unboxing videos for buyers enhances engagement.

Trade Show Presence: Physical conventions establish trust and reinforce branding for DKoldies within the collector community.

While pricing rubs some collectors the wrong way, most industry experts agree DKoldies has implemented an ecommerce strategy optimized for its niche. As the numbers prove, this blueprint clearly works.

What‘s In the DKoldies Retro Gaming Inventory?

Let‘s get into the good stuff: the actual retro video games you can buy from DKoldies! While offering titles across almost all classic consoles, the most popular DKoldies inventory includes:

• Nintendo Entertainment System (NES) – Super Mario, Legend of Zelda, Metroid series – 1980s
• Super Nintendo (SNES) – Super Mario World, Chrono Trigger, Final Fantasy III- 1990s
• Nintendo 64 – Super Mario 64, GoldenEye, Pokemon Stadium – Late 1990s
• GameCube – Super Smash Bros Melee, Resident Evil 4, Legend of Zelda: Wind Waker – Early 2000s
• Game Boy/Color – Pokemon Red/Blue/Yellow, Tetris, Super Mario Land – 1989-99
• Sega Genesis – Sonic, Mortal Kombat, Street of Rage series – Late 80s/Early 90s

DKoldies carries games across all conditions, from loose cartridges starting around $10 to complete-in-box (CIB) copies reaching into the thousands. The rarest games also include special variants like promotional releases and sealed new copies.

In 2021, there were over 4.2 million sales recorded on the DKoldies website according to internal data. This equates to over 11,500 orders shipped per day on average!

Suffice to say, whatever classic game you‘re looking for, DKoldies likely has it available in some format.

Who Are DKoldies‘ Competitors?

While firmly entrenched as a retro gaming leader, DKoldies still faces ample competition trying to carve out market share in this niche space. Some top DKoldies competitors include:

• Lukie Games – Similarly offers refurbished retro video games, but with lower prices and mixed reviews.
• eStarland – Specializes more in retro toys/collectibles beyond just games. Operates physical stores.
• JJGames – Focuses exclusively on retro Nintendo games and systems.
• DKOldies – Top competitor that sells both refurbished and brand new old-school games across all platforms.
• eBay Sellers – Thousands of small eBay sellers represent competition, but many lack DKoldies‘ professional refurbishing.

However, none of these competitors can match the combination of inventory depth, brand recognition, and refurbishing quality that DKoldies boasts. Steimel has succeeded in differentiating his company as the premier retro gaming resource.

The Outlook for the Retro Gaming & Collectibles Market

While DKoldies already sits atop the retro gaming market, what does the future outlook for old school game collecting look like? The trends suggest continued growth and opportunities.

Just look at the numbers:

• 8% Expected CAGR for retro gaming industry through 2028 according to MarketDataForecast
• 64% of retro collectors are millennials according to Statista Research
• $200M+ Value of sealed video game auctions in 2022 already surpassing 2021‘s record of $144 million reported by Kotaku

Nostalgia for the games people grew up playing seems strong enough to drive increasing collector demand for years to come. As middle-aged gamers gain more disposable income, prices for vintage titles will likely continue appreciating.

The one risk factor is that the COVID-fueled surge could represent a temporary peak. But observing trading card collecting trends, the retro gaming market should remain healthy long-term barring an economic recession drying up discretionary spending.

For DKoldies, the future looks bright. Retro gaming popularity should allow Steimel‘s company to keep expanding its game inventory and buyer base for years to come.

Conclusion: Drew Steimel Built a Retro Gaming Giant

Defining a niche market that perfectly aligned with his interests and leveraging eBay and later his own website to tap into its potential, Drew Steimel strategically grew DKoldies into one of the largest retro gaming enterprises out there today.

While the company has faced some criticism over pricing and grading integrity, DKoldies enjoys overwhelmingly positive sentiment within the collector community as the leader in refurbished classic games. Steimel himself has accumulated a fortune estimated between $5 million to $10 million thanks to the growth of DKoldies.

For retro gamers, DKoldies represents a reliable source to revisit the magic of everything from Super Mario on the NES to early 3D games like Super Mario 64. The nostalgia and increasing value around retro gaming suggests this is a market with room still to expand.

By focusing on top-notch customer service and maintaining deep ties to the collector community, Steimel seems poised to continue growing DKoldies in scale and recognition. Just like retro gaming itself, this is one entrepreneurial success story with unlimited "extra lives" ahead.