Author: efgmarketing

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Business Growth

Turning the Page

The weather has prompted a slow start to spring in several parts of the country. Weekly snowstorms in the West, chilly temperatures in many Midwestern states, and unseasonal thunderstorms in the East have delayed many folks getting out on the road and enjoying their powersports vehicles. While we can’t do anything about Mother Nature, we can make sure our customers are bringing in their bikes for service now, ensuring they’re ready to go when the weather decides to cooperate.

There is some good news for customers in the market for a new bike or an upgrade. Supply chain issues have largely eased, and many financial indicators are trending positive. While the Federal Reserve increased interest rates a quarter of a point in March, the consumer price index declined to 5 percent in March 2023 on an annual basis, down from 6 percent in February, according to the U.S. Bureau of Labor Statistics inflation report, and the U.S. unemployment rate remained below pre-pandemic levels at 3.5 percent. Not everything is rosy but there is optimism in several economic brackets.

One thing that has remained consistent is the consumer’s penchant for shopping – and buying – a bike online. Thanks to the pandemic, the rate of digital sales continues to grow according to industry organization Specialty Equipment Market Association (SEMA). The quality of your digital platform makes all the difference. From providing information to answering potential buyer questions, your dealership’s digital platform makes a valuable connection. But, how do you know whether your dealership has the right digital content?

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Get Some Mud on the ATV

It’s Spring – or almost Spring depending on your location – and what better time to pull that ATV out of the shed and churn some dirt! While you’re at it, now is a good time to generate some revenue as well. According to Mordor Intelligence, the North American ATV and UTV market is  valued at USD 5.96 billion in 2023, with a predicted growth to USD 7.90 billion, registering a CAGR of about 4.8 percent over the next five years. Rebounding from the shut-down pandemic years, ATV and UTV use has expanded from primarily agriculture, patrolling and hunting uses to sports and recreational activities, gardening, and a plethora of other uses.

Top ATV manufacturers including Yamaha, Polaris, Honda, Can-Am, Suzuki, and Kawasaki realized the opportunity for market growth during the pandemic and announced a slew of new products in 2022. Targeting a wide range of markets including sports, all-terrain, adult, youth, and commercial applications, these units are hitting the showroom floor as consumers shake off the winter doldrums. Specifically, the growth in off-road adventure activities and ‘overlanding’ reflects US consumer interest in affordable family-oriented fun.

While gas-powered models will remain the top seller for the next couple of years, advancements in electric ATVs will leverage growth in the automotive EV market. Outdoor charging options for hunting or back-country use may lag but commercial applications including military and civic use could follow the trend of these industries transitioning their fleets to EVs.

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Taking a Holistic Approach

We’ve all heard the phrase, “take the holistic approach.” But, what does that mean from a dealer perspective? From the first point of contact, through the sales process, and throughout the life of the unit, your goal is to build a relationship that supports the whole customer journey. It’s as much a mindset as it is a functional way of running your business.

But what happens if you don’t take a holistic approach? Say for example, your parts and service departments are viewed as cost centers rather than profit centers. While you provide needed functions that are critical to the life of the powersports product, the departments are not viewed as a component of supporting the whole customer journey. Instead, those departments may be managed as an expense that is monitored and managed based on their impact to the dealership – not as a benefit to the customer. Or maybe inventories are kept as low as possible, employee training is written off as too expensive, and service employees are not encouraged to evaluate the entire customer experience with the unit.

What might happen if you changed your approach to one portion of your dealership? Let’s consider a scenario where you adopt a holistic approach to the service department.

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