Category: Business Growth

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Business Growth Powersports Market

Set Your Dealership Apart with Certified Mechanics!

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Crowd-sourced review sites are becoming more and more popular. While they don’t replace the more intimate word-of-mouth recommendation from a trusted friend, they are certainly a go-to resource for anything from a good dinner to a mechanic. And, speaking of mechanics, how do yours stack up? Do their skills set your dealership apart from the competition, or do your customers even know you have any onsite? And, if you have mechanics onsite, are they certified?

While the powersports industry does not have an official certification body, dealers still have several options to certify their mechanics.

Available Training Options

Whether you already have mechanics on staff, or are looking to hire, understand the training options that are available. There are several educational entities that offer certified training. The Motorcycle Mechanics Institute housed within the Universal Technical Institute offers several hands-on courses and partners with all of the major bike OEMs. General mechanical skills, brand-specific electives and CPO training are all available. Online courses are also available, but lack the necessary hands-on instructor component.

Some community and vocational/technical schools offer an introductory course on automotive and motorcycle engine repair. If you have this type of school in your area, visit the campus, speak to the instructor, and get a sense of the skills required for graduation.

Continue reading “Set Your Dealership Apart with Certified Mechanics!”
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Business Growth Powersports Market

Make a Plan for the Second Half of 2017

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Did the first half of this year leave you cautiously concerned or hopefully optimistic? Depending on your product mix, you either experienced strong sales in the off-road powersports area or a soft market for new retail bikes. Several OEMs also reported single digit declines, and the average wholesale price for on-road vehicles was down about three to six percent. However, the average wholesale price for off-road vehicles remained strong, showing a four percent increase. With this level of uncertainty, what steps should you take to ensure a successful second half of the year?

Savvy dealers will focus on maximizing every possible sale. And that means maximizing profit per unit – PRU. There are many factors involved in calculating the PRU including overhead, OEM rebates and marketing charges, etc. But one clear way to increase PRU is through maximizing F&I and funding as many deals as possible.  So let’s look at the deal after the customer says “I’ll take it!”

Where the Real Work Begins

It’s likely that a customer has entered your dealership to purchase a bike – not a maintenance package or a vehicle service contract (VSC). Chances are, they don’t even know these products exist – or any of the other F&I products you have to offer. The concept of protecting their purchase has probably not crossed their mind. They are simply interested in getting on that shiny bike and hitting the road.

Maximizing the PRU requires giving the consumer a view of the broader picture. Whether you offer simply a VSC and GAP, or also tire protection and overall maintenance, give the customer a clear description of all the products available – and why they are important to them. A menu is a useful way to disclose product offerings effectively and compliantly, increasing product penetration and PRU.

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Business Growth Powersports Market

Are You Primed To Capture Refund Sales?

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

For many of us, the April 15 tax filing deadline looms large whether we have to pay or we expect a refund. This time of year, powersports dealers have a promising opportunity to significantly increase sales volume.

  • According to the Conference Board, the Consumer Confidence Index® increased in February and remains at a 15-year high.
  • A recent report by Bloomberg on the Consumer Comfort Index, respondents viewed the buying climate as the most favorable in nearly 15 years.

But consumer confidence does not automatically translate into a spending spree. According to Princeton Research Survey Associates, 46 percent of Americans plan to receive a tax refund this year. But only 26 percent plan to spend the refund on a purchase. Now is the time for smart powersports dealers to fine tune their marketing to capitalize on this spending window.

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