Financed bike sales top £50m
Posted on in Business News , Cycles News
The option for consumers to spread the cost of purchasing a bicycle via low cost retail finance has materially boosted quality cycle sales during recent years.
Despite a challenging period for cycle brands in the UK, the Ride it away cycle finance scheme has witnessed significant, continued growth and retail network expansion.
Ride it away cycle finance, in partnership with Secure Trust Bank (STB) since 2010, is a leading provision in the ActSmart portfolio, exclusively available to Gold and Platinum subscribers. Following STB's acquisition of V12 retail finance in 2013 the Ride it Away retail network has now grown to over 600 stores with sales of over £50m p.a.
Secure Trust Bank and ActSmart have worked closely together to create one of the most valuable business support partnerships to the industry. Secure Trust Bank currently works with retailers under the ‘Moneyway' and ‘V12' brands, which will shortly be aligned to create an even more powerful finance offering to UK retailers and cyclists. All Secure Trust Bank (Moneyway and V12) customers will be kept fully up to date during the transition process.
Recent developments at Secure Trust Bank provide ActSmart subscribers with many benefits, including: no monthly account fee, real time management information, free online integration, zero cost for online finance applications, simple ID process (no need for paper copies).
Secure Trust Bank is the only finance provider recognised by the National Association of Cycle Traders and Ride it away as an endorsed provider. Retailers should be cautious of any other companies presenting themselves as cycle finance providers.
It is an exciting time for cycle finance as Secure Trust Bank progress the development of new initiatives to be launched in 2014 ensuring that the Ride it away scheme continues to grow and remains central to the sale of quality bicycles in the UK.
Find out more about becoming a Ride it away dealer and how it can boost your sales.