BOULDER, Colo. (BRAIN) — Bicycle Blue Book and PeopleForBikes are promoting a self-declared National Trade-in Your Bike Month in June.
PeopleForBikes recently promoted bike trade-ins on its blog and included Bicycle Blue Book's directory of retailers who participate in its trade-in program.
"We are thrilled the PeopleForBikes is supporting it. We're all just trying to expand the pool of participants so more people will go to bike shops and buy new bikes," said Bicycle Blue Book's president, Ira Becker.
Becker said Bicycle Blue Book is supporting the program throughout the month, making weekly media campaigns available to shops via the Promoboxx platform.
A recent survey by the company found that 76 percent of its participating retailers said they feel the program helps drive new bike sales.
Becker said the survey revealed the average return on trade is 3.6, meaning that the average consumer buys a bike that sells for 3.6 times the value of the trade-in. Bicycle Blue Book's average trade-in value is $515, meaning the average new bike purchase following a trade-in is $1,854.
The survey also found the average retail price for a bike sold through the Bicycle Blue Book retailers is $753 (including sales with a trade-in and those without a trade-in).
