“o. itemList. length” “this. config. text. ariaShown”
“This. config. text. ariaFermé”
Pro’s Closet founder and CEO Nick Martin joins Yahoo Finance’s On The Move panel to explain why the United States faces motorcycle shortages and disrupts supply chains amid the pandemic.
ADAM SHAPIRO: Well, some of us old enough for oil shortages think, okay, cycling makes life easier, but guess what?Now we’re talking about motorcycle shortages, but there’s a way around it. It’s called The Pro’s Closet, TPC for simplicity. And now we’re joining Nick Martin, the founder and CEO of TPC and he knows a couple of things about cycling. We’re going to get into all this now. But tell us about the company, because you sell qualified used motorcycles, right?
NICK MARTIN: Yes, it’s true. We legitimize the secondary motorcycle market, thus deploying the recovery infrastructure in our sector and also providing consumers with a channel to exchange their motorcycles directly with us, we buy them, certify them and then resell them with guarantee and the same service to the visitor. waiting at your local motorcycle shop, online only.
ETHAN WOLFF-MANN: So, Nick, Ethan Wolff-Mann here. I’ve really given your company a lot of my cash over the years, but during this coronavirus pandemic, obviously, the motorcycle market has gone crazy. I wonder if you can share with us what has been the call of other people who buy motorcycles through you, who are looking to sell you motorcycles, and how have the costs of used motorcycles been replaced in the last six months?
NICK MARTIN: Yes, absolutely. So we’re definitely in a motorcycle boom as you can probably see through its windows and the streets around it. The secondary market: we operate each and every workshop in the United States to buy motorcycles from other people who have more than one motorcycle on the market. garage, or maybe a motorcycle they don’t use and, instead of other people going to gyms to train, other people are looking for tactics, either because of their intellectual fitness, but also because of their fitness, to pass out safely. it’s a wonderful way to do it.
We sell through our stock, every thirteen days is our sales rate, so motorcycles fly off the shelves. Because the classic bicycle chain of origin, which leaves Taiwan or abroad, is absolutely delayed. And each and every one of each and every motorcycle workshop in America trusts her. We are in an exclusive position to own our chain of origin and home bikes to meet demand. And we believe that if we only process twice as many motorcycles, we could sell twice as much. And now we’re at 130% more than the previous year.
JULIE HYMAN: Nick, are you having trouble locating other people who are willing to participate in their bikes?Because, like you said, if you’re thinking of getting rid of your bike, this pandemic happens and you say, well, I need to go back in and move like that, for example. So how can you spread the word to other people and convince them?
NICK MARTIN: Ouais. Well, we’re part of a sponsorship for the Tour de France, so you can see our ads. And many fundamental cyclists ship their motorcycles. The fundamental cyclists, our consumer, the average promotion value is $3200. this new motorcycle from $5,000 to $7,000. And if you have a motorcycle in your garage that is so expensive, you probably have more than one, and turn them on regularly.
The motorcycle generation is just amazing, it’s booming and those motorcycles are sophisticated. They are made of carbon and can be simply electronic. They are GPS enabled They are electric and wireless. Certifying those motorcycles and giving them that confidence and this warranty is therefore very valuable, and no one else does.
So yes, the chain of origin is in our hands, and every year quality motorcycles worth 2 billion dollars at our value are put on the market and, since we sell used motorcycles, and this is in the US promoting used motorcycles, for the last five to six years, you know, there are a lot of quality used motorcycles in garages.
ETHAN WOLFF-MANN: Nick, one thing I find attractive is that the used motorcycle market for so long has been primarily eBay and Craigslist, and it didn’t have that kind of seal of approval that, you know, you communicate when you communicate about a qualified option. I wonder why it hasn’t been done before, this turns out to be a low fruit. However, obviously it takes a lot of paints to make sure that each and every motorcycle, you know, for reasons of responsibility, are safe and all that. You know, why did it take someone like you as long to pick her up?And running?
NICK MARTIN: Well, it takes a lot of capital to buy all this inventory, process it, keep it and certify it. So that’s a component of the explanation of why we just finished our A2 investment round. We’ve raised $27 million to date. Then we have the capital to buy the bikes, which is big enough, to do it and supply it.
And then they’re also very complex. So, in order to certify it, you solve many complex remedies problems, last year we processed more than 130 more brands, so to be able to know those motorcycles inside and out, you want a superior point of experience to be able to put a certification stamp on 130 other brands and process this inventory point.
ADAM SHAPIRO: And responding to the lawsuit. A lot of other people want motorcycles right now. Nick Martin is the founder and CEO of TPC. Continued success. Thank you for joining us “On the Move”.