The third quarter of this year ended with a bang for both new and used powersports dealers, with unit sales growth up 27.3 percent. The 3Q Powersports Business/BMO Capital Markets dealer survey showed 69 percent of dealers were above plan for the year. Of the survey respondents, 83 percent are single-store operators and the majority carry a wide variety of powersports products. Both new and pre-owned unit sales were strong, with 1 in 5 dealers reporting that F&I sales were very strong.
What happens when those strong sales aren’t so strong? According to the survey results, 84 percent of respondents were concerned about the US political climate and another 63 percent were most concerned about the pandemic. When asked specifically about the presidential election, write-in comments reflected that dealers believe a Democratic win would negatively affect business.
So let’s take a quick check on our current situation. The US continues to suffer from the coronavirus. In fact, the number of new cases recorded each day has ballooned from fewer than 40,000 in September to over 100,000 in early November. And scientists are cautioning against a larger winter surge, as people are forced inside due to cold weather. Clearly, COVID-19 is not going away anytime soon.