I use this for my sponge - but with 2 meters in length quite large - whiteboard in office. By means of the magnets of the sponge to the panel hangs up and takes no place in the tray away. It is unfortunately a bit small, which means that it takes a while to herunterzubekommen the color of a large whiteboard.
To label I use bright colors (red, green, blue and black), the sponge away overall quite good. Only in black pen, I find it a little more difficult. All in all, I give four stars and a buy recommendation for small whiteboards.