RumbleOn, the online used motorcycle and powersports marketplace, is planning to launch a consumer-only listing platform to be called RumbleOn Classified, Powersports Finance has learned.
“We’re building an online classified platform for consumers only — no dealers — for consumers to buy, sell, and trade,” Chief Executive Marshall Chesrown said.
The company’s current platform allows consumers to list their bike for sale via a cash offer from RumbleOn. But for those dissatisfied with the price they were quoted, they can soon try their hand at this new peer-to-peer trading platform.
“What we stand for at the end of the day is that we will give you a cash offer, we’re the only one who will give you a cash offer, but if the cash offer isn’t acceptable, we also want to help you try and sell it,” Chesrown said.
Consumers can finance their bikes through RumbleOn Classified via the same mechanism as the original platform. Additionally, RumbleOn will assist sellers in handling title transfer and insurance for a fee.
The peer-to-peer platform will exist as a separate site where consumers can list their vehicles. The decision to create a separate platform was so potential buyers would not confuse consumer listings with RumbleOn Certified bikes, which come with special benefits such as free shipping and money back guarantee. Buyers will be able to use both the traditional and consumer-only sites if they so choose.
The company also felt that there was a gap in the powersports space in regard to peer-to-peer platforms, with consumers having a difficult time selling larger items on their own. Among the features that consumers can access, RumbleOn Classified users will gain access to data that informs them if their listing price is reasonable for that vehicle.
“We can provide them access to everything when they are pricing their vehicle,” Chesrown said. “So [consumers] are saying ‘I think it’s worth $30,000,’ our system can tell them if $30,000 is realistic or if it’s unlikely that it will sell there. And we give them the data to show that. We can show from our data that there are 17 other vehicles just like their own available for sale, here’s where they are for sale, here’s what they are asking for them.”
RumbleOn Classified is aiming to launch in the fourth quarter and is aiming to be the biggest listing service in the powersports industry. RumbleOn previously announced that it would be adding boats and RVs to its marketplace.