Peloton (PTON) will soon have something in common with new car dealerships.
Certified pre-owned products for sale.
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.
This is breaking news.