Peloton Wants You to Sell That Dusty Bike
Peloton just expanded its resale marketplace for bikes, treadmills, and rowing machines nationwide. Peloton first launched the platform in June in only a few markets—Boston, New York, and the D.C. metro area. Since then, users have created over 400 listings and completed roughly three dozen sales. The expansion is part of the struggling company's broader turnaround strategy.
'This initiative provides a valuable service to our community, offering an accessible entry point for new members, a convenient way for existing members to upgrade or sell their equipment, and an opportunity for our equipment to be given a second life,' Chief Product Officer Nick Caldwell said in a press release.
Starting today, Peloton owners across the country will be able to list their used equipment and accessories on the platform. And buyers nationwide will be able to make purchases beginning in August. Peloton says it will suggest prices based on market trends and the condition of the user's gear, but sellers still get to set the final price. Those who offload their old equipment on the marketplace will earn some cash from the sale and will receive a discount on their next Peloton purchase.
Bikes on the marketplace are listed for as low as $289, hundreds of dollars cheaper than their original $1,445 retail price.
Peloton launched in 2012 and quickly gained a reputation as a premium fitness brand, selling pricey equipment with built-in screens that stream live and on-demand workout classes that are available through an additional subscription. The company hit its stride during the covid-19 pandemic, when gyms were closed and people were scrambling for ways to stay active at home.
But that momentum didn't last. As life slowly returned to normal after the pandemic, so did people's workout routine outside the home. The company's stock has dropped 95% from its early 2021 peak of nearly $170 a share to around $6 today.
And sales of Peloton's fitness equipment are still dropping. In May, the company reported a 27% year-over-year decline in equipment sales during its fiscal third quarter.
Earlier this year, Peloton brought in Peter Stern—formerly head of Ford's integrated services division—to take over as CEO. Before his time at Ford, Stern spent years at Apple, where he led the company's services division, overseeing products like Apple TV+ and Apple Fitness+.
At the Bloomberg Tech conference in June, Stern said the new marketplace is a key part of Peloton's turnaround strategy. He said the secondhand market was one of the most effective ways for the company to bring in new members.
'There are lots of Peloton bikes in particular that are out there in the world that are being underutilized—and that does no one any good,' Stern said.
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