Triumph motorcycles is a large UK based Motorcycle Company that has a large presence in the motorcycle market in India. It has a range of motorcycles which it sells all over the world and also in India. Currently, it is a premium motorcycle seller in India and sells 13 products in different motorcycle categories across the country. They have, however, added a new type of business to their retail sales in India in light of the present situation. Triumph is now going to launch a used bikes program that will target first-time buyers to help the company tide this current situation.
- COVID 19 Pandemic
2020 has been one of the most challenging for businesses across the world because of the Corona Virus Pandemic. Millions have contracted the virus, many have died and tens of millions across the world have either lost their jobs or have seen a substantial reduction in their wealth portfolio. The automobile industry, especially the premium automobile sector of the industry has seen degrowth due to the coronavirus outbreak. Triumph has seen their motorcycles being sold at a similar level as last year so far but this could change. The economic rebound is likely to take some time and so Triumph has introduced a used bike program in the meantime.
- Launch of the Used Bike Programs
Currently, Triumph sells 13 types of motorcycles across India. They are now going to launch a used bike program by the end of October 2020 in just 3 dealerships across India. They have plans to increase this program to 10 dealership locations by December. They have launched this program because despite the COVID 19 prices, they want this year to be a busy calendar year and they want to achieve a target of 20-25% growth over last year in India.
- How This Program Will Work
Triumph has sold a lot of bikes to Indian customers over the last few years. They will put up a scheme to buy back Triumph motorcycles from the public and then they will upgrade these bikes, fix them in such a way that they can be sold again. These bikes will then be ‘Triumph approved’ and will be sold to new customers as used bikes with warranty. When Triumph sells new bikes, it provides the customers with 2-year warranties for new motorcycles and the plan is to provide one year warranty for these used bikes. Customers who want to buy used bikes from Triumph can make inquires about these bikes through the dealer network.
- Future Plans for Triumph in India
Triumph retails 13 Premier motorcycles in India and in the next year it also has plans to launch several new products, including the 650 cc Trident Motorcycle in India. It currently operates through a dealership network of 14 dealerships across India. It also has plans to add two more dealerships in India, probably one in the South and one in the East. The growth forecast for Triumph motorcycles in India is ambitious and they are conducting business in such a way that they are not letting the current pandemic situation deter them from their goals in India.