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Compliance

Got Compliance Headaches?

I don’t know about you but Fall in my household means allergy season which means sneezing and headaches. While we love the cooler weather, sports and other activities, outdoor adventures come with some challenges. Fortunately, a little prevention and some good habits help us manage the effects.

For our powersports dealers, you might feel the same way about compliance! The paperwork, the details, the disparate federal, state and local regulations might cause widespread headaches for your team. But just as I deal with my allergies, some good habits can really minimize the impacts for your team.

If you think you’re immune from compliance regulations because the Federal Trade Commission announced that powersports dealers were exempt from the Combating Auto Retail Scams Rule (CARS) – think again! There are several other federal regulations as well as state and local compliance rules which apply to powersports dealerships.

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Categories
Business Growth

Big Ticket Recreation for the Win

As we move into the dog days of summer, my thoughts drift to a sandy beach or a mountain trail complete with a jet ski or 4×4 utility vehicle. However, I don’t think this is going to be the year of the big getaway. Our powersports and marine industry have a lot of challenges on their hands this summer. Ongoing price concerns and lingering inflation coupled with a heightened political climate have created challenges that cause a negative overhang for both consumers and dealerships.

According to composite data from 1,700 dealers who use the Lightspeed DMS, the average dealer was down 8.4 percent in combined revenue in May 2024 as compared to 2023. This decline is especially concerning, considering we are well into the typically busy recreation season. Data from the Conference Board reflected consumer confidence continues to weaken with persistent concerns about inflation, prompting buyers to hold off on purchasing homes and autos.

But there are some bright spots on the horizon. The Committee for Economic Development, which oversees the Conference Board, shared their predictions for 2024, indicating that consumer sentiment has changed since the pandemic. Buyers are increasingly upset by uncertainty, prompting them to seek out experiences and spend on things they really enjoy. This is especially true for younger generations.

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Business Growth

Come On In, The Water’s Great!

School is out and summer is in full swing, meaning it’s time to enjoy fun in the sun! If you are a powersports dealer who carries personal watercraft inventory, these may be your favorite months of the year. Thanks to technology advances in personal watercraft and jet skis, there are some great new models available with useful amenities. These new units come at a time when consumers are hitting the water in record numbers. Data from Global Market Insights reveals the personal watercraft/jet ski market to be valued at $1.9 billion with a 5 percent compounded annual growth. North America takes the bulk of that share at 62 percent.

PWC Market

While those billions aren’t reflected in your balance sheet, they do offer some upside guidance to make strategic decisions at your dealership. If Q1 sales numbers are any indicator, you might be scratching your head about where all this revenue is going!

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