Let's Compare Local Bike Shops to Big Retailers Like Costco and Amazon!
Picking the right place to buy a bike can seem a bit overwhelming.
Would you prefer to shop at a massive retailer or show some love to a local bike shop?Here’s a recap of the latest news about the electric bike industry!
Montreal’s iGo Electric in Receivership Amidst Tough Times for Cycling and eBike Industries
iGo Electric, based in Montreal, is the latest e-bike company to be impacted by the cycling industry’s current downturn that has seen a number of operations take a hit as bicycle sales have plummeted following the industry’s boom amidst Covid.
iGo Electric is another company feeling the pressure of a tough current marketplace for cycling and e-bikes. ©
Founded in 2006 and owned by Fermetco Inc., iGo Electric has not met its financial obligations and in mid-November the Royal Bank filed a motion in the Superior Court of Quebec to appoint Ernst & Young Inc. as receiver. According to court documents the company owes over $19.5 million to secured creditors, and over $2 million to unsecured creditors.
iGo Electric began by selling e-fat bikes, and expanded into urban e-bikes as electric bicycles became more popular. Introducing as many as 17 new models in 2019, the company expanded across Canada and into the USA.
Along the way they introduced their Quest line of e-bikes initially sold through the London Drugs chain, and later through Costco.
The global surge in e-bike sales during the pandemic was followed by challenging times as the industry supply chain became bogged down trying to fill orders, resulting long waiting times for products to arrive. As cycling sales subsided post-Covid, many industry players suffered from high inventories amidst rampant discounting in the marketplace.
In mid-2023, the failure of global Dutch e-bike giant, VanMoof, was a sign of things to come as Sweden’s Cake eBikes and eMotorcycles filed for bankruptcy early in 2024. Smaller companies such GLEAM e-cargo bikes in Austria, and DOST Bikes in Vancouver also failed.
More recently in Oct. California-based Juiced Bikes went out of business, and then in early Nov., Yamaha announced its withdrawal from the U.S. e-bike business – read more here. Switzerland’s Stromer was next to exit the US e-bike market amidst tough times.
In late Nov. Pierer Mobility, the parent company of KTM, Husqvarna and GasGas brands, applied for judicial restructuring. More recently, iconic Canadian brand, Rocky Mountain Bicycles, founded in 1981, declared its restructuring under CCAA (similar to Chapter 11), while GT, owned by Pon Group, another worldwide conglomerate, is also being restructured.
Despite challenging times, the overall prognosis for cycling, e-bikes and the micromobility segment remains bullish in the long term with McKinsey & Company estimating that the global micromobility market will reach about $360 billion by 2030, up from about $175 billion in 2022, mainly driven by e-bike sales, with Europe representing the highest share – read more here.
What Can Customers Do?
For iGO/Quest e-bike owners, the company's potential closure raises concerns about servicing, repairs, and spare parts. However, you can take steps to ensure your bike remains functional for years.
Reach Out to Your Dealer
If you bought your e-bike from a dealer, they are a key resource for technical support and spare parts. Dealers often have experience with specific brands and can guide you in maintaining your bike or finding compatible components. They may have a leftover inventory of e-bike parts or alternative suggestions. Connecting with your dealer is vital for keeping your e-bike running smoothly.
Explore Compatible Parts on the Market
Due to proprietary designs, finding a replacement battery or motor can be challenging, but maintaining or improving your e-bike is possible. To address maintenance needs, look for compatible parts—like brakes, tires, or controllers—within the wider e-bike market. For a more comprehensive solution, consider a conversion kit to retrofit your bike with a new motor, battery, and controller system, revitalizing it for future use.
Though the company's potential closure poses challenges, it underscores the importance of adaptability and a strong support network. By taking proactive steps and exploring creative solutions, customers can continue enjoying their e-bikes and support sustainable mobility.
What Can Dealers Do?
For dealers with iGO/Quest e-bikes, the company's closure presents challenges and opportunities. Supporting customers during this transition helps maintain trust and positions dealers as reliable partners. Here are some steps:
Stock Up on Proprietary Parts
Dealers should source and stock proprietary components for iGO e-bikes while supplies last. Items like batteries and controllers are often the hardest to replace. Having these parts on hand enhances support for existing iGO owners.
Source Common Components from Distributors
Dealers can obtain brakes, tires, drivetrains, and other parts from distributors like LTP or HLC. Stocking these components ensures ongoing assistance with regular maintenance and repairs.
Offer Expertise and Advice
Your technical knowledge is a valuable customer resource amid the company's closure. Guide them in finding compatible third-party parts or conversion kits to extend their e-bikes' lifespan, fostering customer loyalty.
Communicate Proactively with Customers
Reach out to iGO e-bike customers to inform them of the situation and your support. Transparency and willingness to assist build trust and deepen relationships.
By taking these steps, dealers can ease the transition for iGO/Quest owners and solidify their role in the e-bike industry, demonstrating reliability and adaptability.
Alternative Solutions for Customers and Dealers:
At Richmond eBike, we are committed to making every effort to source comparable parts for a wide range of brands and models, including but not limited to iGo and Quest e-bike brands, and to offer comprehensive services.
We welcome all customers and will not turn anyone away, even if they do not purchase electric bikes from us. Our mission is to deliver exceptional services, offer unparalleled products, and maintain a positive and friendly demeanour.
Here are the key answers to the question: Local Bike Shops OR Big Retailers Like Costco and Amazon
Personalized Service and Expert Advice
Tailored Recommendations
At Richmond eBike, we’re excited to offer personalized service designed just for you! Unlike those big-box stores where employees might not have the same level of expertise, our team comprises passionate cyclists and bike enthusiasts. Whether you’re an experienced rider or just starting, we’re here to provide recommendations that perfectly fit your riding style, preferences, and budget. We can’t wait to help you find the perfect bike!
Knowledgeable Professionals
Investing in a high-quality bike is such an exciting decision! It’s really important to have the right guidance along the way. Our friendly team is here to share valuable insights about bike mechanics, features, and performance metrics. We want to help you make a choice you’ll feel great about for many years ahead!
Quality Assurance and Product Selection
Curated Selection of High-Quality Bikes
Richmond eBike, we believe in quality over quantity, which is why we proudly offer a specially curated selection of bikes. Our team of experts has carefully chosen each bike as the best options for riding in beautiful Vancouver. We ensure that every bike not only meets our high standards for performance, durability, and comfort but also comes in a variety of fun colors and finishes to match your style!
Customization Options
We know that your bike is more than just a mode of transportation—it’s a reflection of who you are! That’s why we’re excited to offer you a variety of customization options and specialized components, allowing you to create a bike that’s uniquely yours. You'll find that this kind of personal touch is hard to come by at big-box retailers, which tend to focus on mass production and sales volume.
Test Rides and Fitment
The Joy of Test Rides
Choosing the right bike is more than just looking at specs—it’s all about how it feels when you’re riding! At Richmond eBike, we’re excited to help you discover the perfect bike by encouraging you to test-ride several options. This hands-on experience guarantees that you’ll find a bike that fits you just right and feels comfortable from the very first moment you hop on.
Equipment Testing
In addition to the bike, essential gear like helmets, seats, and pedals can be tested before purchase. This thorough testing experience contrasts sharply with the limited options in big-box stores, where purchases are often made without proper evaluation.
Support and Maintenance
Professional Bike Assembly
Our commitment to your biking experience starts well before you set foot in our store! We have a dedicated in-house cycling service team made up of seasoned experts, the perfect people to assemble your new ride. Unlike big box stores that tend to hire staff without any bike knowledge and rush them through short training sessions, we believe in taking the time to do it right. This careful approach helps us avoid the many issues that can arise from a quick assembly.
Ongoing Support and Maintenance Services
One of the wonderful perks of choosing a local bike shop is the fantastic after-sales support you receive. At Richmond eBike Service Center, we're excited to offer various maintenance services, from simple tune-ups to more complex repairs and upgrades. We aim to be your dependable partner throughout your bike ownership journey, ensuring you have the best experience possible.
Having a local point of contact for customer service and support truly makes a difference! Whether you want to file a warranty claim, schedule a repair, or get a quick tune-up, you can count on us to offer prompt and friendly service every step of the way. We know how important personalized care is, especially compared to big-box retailers, where after-sales service can often feel distant or nonexistent.
In celebration of our 11th anniversary in the electric bike industry, we are pleased to offer $200 OFF all eBikes during our Appreciation Event, subject to availability.
We're excited for you to explore our latest electric bike models! We warmly encourage you to pop by our showroom whenever it suits you for a fun test ride. Whether you’re into mountain ebikes, step-thru ebikes, folding ebikes, or fat tire ebikes, there’s a wonderful selection waiting just for you to try out!
Happy New Year and We hope this 2025 year brings you abundant happiness and good health.
All of us at Richmond eBike!
