Peloton launches 'Repowered' platform to resell used fitness equipment
Pedestrians walk past a Peloton store in Bethesda, Maryland in August 2022. The fitness company announced Tuesday it was launching a resale platform for its fitness equipment, called Repowered. File Photo by Michael Reynolds/EPA-EFE
June 4 (UPI) -- Peloton is geared-up to help customers sell their bikes and treadmills online with Tuesday's launch of Repowered, a resale marketplace that could bring in top secondhand dollars for the connected fitness company.
Repowered is currently operating in New York City, Boston and Washington, D.C., with plans to go nationwide within the year. The platform is available to sellers only and will become available to buyers, once there's enough inventory, Peloton said.
"The official Peloton resale site where you can find great deals on gently used Peloton equipment or sell your pre-loved pieces for cash," the company announced on its website.
According to Peloton, the platform will cut third party friction by coordinating pickups and deliveries. Sellers will receive 70% of the proceeds, with Peloton splitting the rest with platform provider Archive. Sellers can also receive up to a $600 discount on new equipment.
Peloton says the resale market aligns with its sustainability goals to "help give used equipment a second life," while providing transparency on the product.
"If you're buying or selling used Peloton equipment, you will have access to the Peloton History Summary that includes details like service history, warranty and more, directly from us," the company said. "This ensures transparency about the item's condition, giving both parties confidence in the transaction."
The fitness company has seen a drop in the monthly subscriptions that go with their equipment, as treadmills and bikes collect dust and clothing once owners stop using them. Those subscriptions are a big part of Peloton's revenue, according to the company's financial records.
Last year, Peloton cut 15% of its workforce as chief executive officer Barry McCarthy stepped down. At the same time, the company noticed a spike in the resale of its equipment on Facebook Marketplace and Trade My Stuff, which manages transactions and heavy lifting for buyers and sellers. The delivery team also sets up the equipment and teaches the buyer how to use it.
After reporting a 13% decline in revenue during its third quarter, Peloton announced it would help facilitate the resale of its own equipment as part of its full-spectrum wellness offerings that include mindfulness and sleep.
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