I have an annual guys’ trip, where we load up all our coolers, camping gear, and anything made for off-roading, and head out to the hills for a long weekend. Our goal – reconnect with each other, sling some mud, have some laughs, talk some smack, and hopefully no one gets hurt.
While we all live in different cities and have a wide variety of jobs and vocations now, we all still love the outdoors, the importance of ‘touching grass’ and the need to be in nature. It runs deep in our veins, it’s part of who we are.
To some degree, the powersports industry relies on this culture of spending time outside. During the pandemic, sales of ATVs and other recreational vehicles boomed. Called the pandemic paradox, The Motorcycle Industry Council reported that year-to-date powersports sales were not only up, but were better than they had been in the three years prior to 2020. What better way to distance yourself from people than to explore the great outdoors in your four- wheeler or side-by-side. The outdoors culture was a great way to social distance, spend time with family, and relieve some stress.
But as the pandemic subsided, consumers returned to offices and inflation rose exponentially. Powersports sales fell dramatically between 2022 and 2023 as stimulus money dried up and fears of recession overpowered the desire to purchase a new ATV. Dealers were left holding inventory and trying to move units.
Fortunately, culture is a resilient beast. According to industry analyst firm BlackBook’s Q4 2024 powersports market analysis, the powersports market has finally returned to a normal state following years of pandemic-induced disruptions. It is noteworthy now because we haven’t seen this kind of stability in the past four years. The dominant story of 2024 continues to be the return of a “normal” market across nearly all powersports segments, including the strength in ATVs and side-by-sides.
What’s driving this stability? Hunters, farmers, and outdoor enthusiasts who rely on these vehicles – and embrace their cultural touchstones – contribute to increased demand for units as fall arrives, which is evident in their sustained value. My buddies and I are happy to be counted in this crowd and will likely add a little shopping during our annual trip.
There is another cultural component that I value among my friends and am proud to say also exists at EFG. Respect for self, respect for ideas, and respect for the continued commitment to deliver value are key tenants of EFG’s culture. And for the eighth year in a row, we have ranked as one of the most innovative business services companies in North Texas and scored higher than our peers. Thanks to our annual employee survey administered by Energage, the company that powers the nation’s premier employer recognition program, Top Workplaces, we have the data to back up the position that culture matters. I’m thankful to work with a team of people who embrace this concept.
What’s more, we know culture matters at your dealership. The culture on the dealership floor supports your customers, who embrace their cultural values of time spent outdoors with friends and family. For more than 50 years, you have depended on EFG to help achieve your profitability goals. During this season of Thanksgiving, we’re thankful for you. At EFG Companies, we’re more than an F&I provider, we’re your powersports business partner.
