James Willbanks used to sell motorcycles and scooters. Now he’s giving electric bikes a whirl.
Willbanks opened Pedego in June. The business rents, sells, and services Pedego-brand electric bikes. The Little Rock location is the first Pedego franchise in Arkansas, joining more than 125 locally owned stores across the U.S.
The coronavirus pandemic has both helped and hampered the new shop. “I think COVID was a definite boost to any outdoor activity,” said Willbanks, noting that business over his first three months was “decent” to “very good.”
COVID-19 put his July plans for a grand opening celebration on hold, however. “I have not rescheduled a grand opening to date. Kind of waiting to see how the schools, athletics, all things bringing people together shake out.”
Willbanks began pursuing the idea of becoming a Pedego dealer in November. Needing funding, he contacted the Arkansas Small Business and Technology Development Center at the University of Arkansas at Little Rock upon the recommendation of local banker Jay Wisener.
ASBTDC Business Consultant Nicolas Mayerhoeffer assisted him with his business plan, market research, financial projections, and budget.
Willbanks said Mayerhoeffer took his rough plan and helped turn it into a realistic funding request.
“Nicolas was able to direct and redirect me to numbers that made sense to the financial world,” he said. “Without Nicolas’ input and knowledge of what an investor was going to require, I would not be in business today. He was able to put a package together that checked all the boxes an investor was going to ask for.”
Willbanks’ loan was approved in late April, “approximately six months from beginning the process to getting necessary funds to move forward,” he said.
From 2003 to 2010, Willbanks owned a BMW, Ducati, Triumph, and Vespa dealership in Little Rock. Now he’s looking to connect with a new group of riders.
Willbanks listed several advantages electric bikes have over conventional two-wheelers. “Riders can get the exercise of a standard bicycle, cover more distance, and not have the concern of ‘Can I make it back up that hill?,’” he said.
“This is especially helpful for those wanting to ride with their significant other but not wanting to slow them down or keep them from going the distance they would prefer.”
E-bikes have motors and rechargeable batteries. Pedaling conserves the battery life.
“They level out Little Rock or any hilly area, which can be a deterrent to even getting on a standard bike,” said Willbanks. “You can leave your house and ride down to The Big Dam Bridge or Two Rivers Park and return without the worry about getting back up the big hills. It just adds more enjoyment to riding a bike.”
Pedego is located at 2017 Kavanaugh Blvd. in Little Rock. Visit pedegoelectricbikes.com/dealers/little-rock/ to learn more.
