Originally Posted by Ookie
He must have way too much money to waste, by using a registrar, why not start his own registrar and buy his domains straight from Verisign?
The wholesale price of a dot com domain is $7.85, that's how much he'd be paying if he were to buy his domains straight from Verisign. The domain registrar business (leaving examples such as Network Solutions aside) is a low margin one for the most part, so you'll be able to obtain domains at a very low price ($7.85 + some pocket change and I'm being generous by using that term) if you buy in bulk.
Oh and his registrar is included in the Sedo MLS as well as in the Afternic MLS. What this means is that his domains will appear in the registration path at pretty much all important registrars (including GoDaddy and Network Solutions). So if someone searches for Domain123.com at GoDaddy (for example) and he owns Domain123.com, then instead of the "the domain is not available" message, Domain123.com will appear in the registration path as a premium domain and you'll be able to buy it through that registrar.
That's a LOT of exposure so all in all, he probably decided that becoming a registrar is just not worth it at this point and I tend to agree.