Peloton (PTON) will soon have something in common with new car dealerships.
Peloton founder and CEO John Foley told analysts on an earnings conference call Thursday evening the company will soon launch a certified pre-owned bike program. No further details were provided. The move comes as Peloton gets ready to receive hundreds — if not thousands — of digitally-enabled bikes back from existing members who trade it in for a new $2,495 Bike+.
The company revealed earlier this week that it is offering a $700 credit towards the new bike for existing Peloton members. And it said the price of the existing Peloton bike will be reduced to $1,895 from $2,245.
On Thursday, the company reported earnings that beat Wall Street expectations as consumers stuck at home from the coronavirus pandemic worked out inside.