Martin will step down as The Pro's Closet CEO

BOULDER, Colo. (BRAIN) — Nick Martin, who started The Pro's Closet out of a VW bus and grew it into a used bike and component e-commerce giant, will move on from his role as CEO next month.

Martin officially will step down on Oct. 12 after starting TPC in 2006 but will remain part of the leadership team. He hands over the reins to John Levisay, who has served on the TPC board since 2016.

Levisay has more than 20 years of online marketplace experience, most recently as founder/CEO at Craftsy, a marketplace for online lifestyle education and supplies.

Martin addressed his 92 employees via an internal communication that was released Monday morning.

"I will be taking this opportunity to refocus my skills on aspects of our business that I am deeply passionate about: our culture, our brand, our museum, and our processes, for example, working more closely with operations and continuing to evolve our Certified Pre-Owned process, while sitting alongside our new leader and continuing to support our team in carrying out our vision and strategy for the future," Martin said. "I'm excited to see what the future holds as The Pro's Closet heads into its next chapter of development. We are very excited for John to move over from a board role to join the team, and I'm looking forward to working with him more closely. His humility and leadership style are a perfect fit for the culture at The Pro's Closet as is his recent experience scaling a company from inception to over 300 employees."

Levisay inherits a company that has experienced 130% year-over-year revenue growth from an inventory offering more than 700 pre-owned bikes.

"As we see with the auto industry, musical instrument space, and other retail categories, creating a simple and reliable aftermarket for used products drives consumer interest for both new and used products, raising the tide for the entire bike industry," Levisay said. "For nearly 15 years, Nick's resolute focus on innovation and transparency has distinguished The Pro's Closet as the most trusted brand for pre-owned bikes and components."

TPC features its Certified Pre-Owned program and Carbon Frame Warranty and a nationwide IBD trade-in program. The Trade-Up program allows customers to submit their bicycles for valuation by taking two photos. TPC then offers a guaranteed trade-in price that can be redeemed at the bike shop. The program allows a shop to accept a trade-in without needing to resell the used products. It also has trade-up programs established with online retailers and manufacturers.

In another large step away from the VW days, Levisay will usher TPC into a bigger building early next year, leaving its 24,000-square-foot Boulder location into a 137,000-square-foot facility in Louisville, Colorado. It features 40,000 square feet of office space and 24 shipping bays.

The upcoming Louisville move was announced earlier this month when it also was revealed that TPC raised $12 million in funding led by existing investor Foundry Group and new investor Edison Partners. Ridgeline Ventures and other existing private investors also contributed. Foundry and Ridgeline also invested in 2017.

The latest round brings the total investment in The Pro's Closet to more than $27 million.