May closed out with powersports dealers feeling pretty good about the state of their business. According to a Powersports Business Online Learning Series poll, nearly one-third of responding dealers ranked the success level of their dealership as a 9 or 10 (on a scale of 1-10). It’s no wonder! April numbers continued their meteoric rise, with major unit sales rising 39.2 percent in April 2021 versus the previous year. With Spring in full swing and Summer just around the corner – and the rain subsiding for many – the forecast for the first half of 2021 remains very strong for both new and used units.
Despite continued inventory constraints and some concerns about labor and inflationary numbers, it looks like the powersports industry will have a banner year. But what if there was some additional profit to be had from unit sales? And not just small change, but measurable PRU? Those profit opportunities can be found in training.
This month, EFG launched a subscription-based training model which includes both digital and in-person options, delivering timely tools in a learning environment that works best for each employee. The service also supports the new digital retailing model now used by many powersports dealers. Dealer management can select their preferred subscription package across a wide variety of curriculum, benefiting from up to a 20 percent discount from standard training rates.
Like it or not, your sales model and today’s consumer has changed. Having been shut-in for over a year, consumers became very adept at shopping and buying online. They learned to navigate dealer websites, consumer reviews and rankings, and even product specs to make their decisions. The old model of visiting the powersports dealer showroom and relying on the salesperson for guidance has largely gone by the wayside.
Aside from the company’s award-winning in-person classroom training, EFG had invested heavily in building its media-rich digital training platform over the past several years. This foresight allowed EFG’s trainers to continue driving powersports dealer success through live, on-demand training throughout the pandemic. Additionally, students are provided with an in-depth library of training articles, videos, and podcasts on topics ranging from compliance and overcoming objections, to adjusting to the “new norm.”
According to Melissa Hacker, Chief Financial Officer at Eurocycle Group in Nevada, investing in training has always been central to their business plan and key to growing their market presence. “Setting our people up for success is the only way to meet business goals,” said Hacker. “The training we receive from EFG is a key component of our success model. In addition to individual success, we rely on EFG to track performance and provide resources when needed.” From productivity to profit, EFG’s subscription-based training is a mainstay at Hacker’s three-rooftop powersports business.
As a savvy powersports dealer principal, you should ask yourself if your sales team is on top of the curve, or unknowingly missing out on a large chunk of the market. Yes, unit sales are up but could you be getting more business? Are you getting the most profit per unit sold out of that deal? Some training could be in order. Make sure your team is set up for success, and not leaving money on the table with subscription-based training from EFG.