With our partner Synchrony Financial, The Bike Cooperative has worked with hundreds of Independent Bike Dealers across the country to implement consumer financing programs that are a win/win for members and customers alike.

But not everyone uses financing the same way. Below, find the 3 most reasons a customer might consider consumer financing – and how your sales team can use that knowledge to meet their need without pressure.

Cash Management

“I try to make the most of special financing offers and save my available cash for emergencies.”

Some customers are interested in using financing to manage their cash better. Small monthly payments with a promotional rate are no problem for them and they can still keep their cash in their rainy day fund.

Upgrades & Experiences

“I have enough cash for this bike, but if I financed – I could buy THAT bike.”

Other times, customers know what they want but can’t quite afford it in cash. They would rather pay a little more over time to get the bike that checks all of their boxes.

Budgeting

“A bike is exactly what I need right now, but I don’t have the cash to get a bike one will grow with me.”

Many customers use financing for a “right now” purchase – whether it’s an emergency or so they can use the product right away, many customers are happy to ride today and pay tomorrow.

Sales Lesson

For many of these customers, financing is a low-risk proposition because they have no problem paying off their balance or paying a small monthly fee for the benefit of discounts & a great promotional rate. These customers could become great repeat customers.

Extra tip: for these customers, consider opting into Ride Club for automated marketing that encourages them to return and shop.

Sales Lesson

Extra tip: for these customers, consider opting into Ride Club for automated marketing that encourages them to return and shop.

Sales Lesson

Extra tip: for these customers, consider opting into Ride Club for automated marketing that encourages them to return and shop.

Co-op Fact: The average financed transaction for a TBC member using Freedom to Ride is over $1,400

Have questions about The Bike Cooperative? We’re here to answer them

MEET MATT

As a Business Consultant for Bike Shops across the country, Matt is available to talk to independent bike dealers about overcoming their challenges every day.