Best Buy rolled out its trade-in program nationwide in August of 2010. The company accepts more than 11,000 consumer electronics items (regardless of where they were purchased).

That said, similar to Best Buy's Apple ( AAPL) trade-in promotions, consumers should check with their local store to see if the promotion is offered. In some cases, stores are prohibited from accepting trade-ins due to local laws restricting pawning. The offer is not valid online.

Best Buy is trying to get further into the trade-in/resale market, competing with eBay ( EBAY),, and even Craigslist.

The company has been working hard to reposition itself in a competitive consumer electronics market. One of Best Buy's strategies to boost profitability is to create in-store experiences. The retailer has partnered with Samsung and Microsoft ( MSFT) to create specialty product mini-stores.

Shares were falling 1% to $26.03 on Wednesday.

-- Written by Laurie Kulikowski in New York.

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