Category: Powersports Market

Are You Primed To Capture Refund Sales?

Post author By efgmarketing
Post date March 22, 2017

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.

Tags Bloomberg, Conference Board, Consumer Comfort Index, Consumer Confidence Index, EFG Companies, Glenice Wilder, Princeton Review

Powersports Market

Meeting in the Middle – Part 2

Post author By efgmarketing
Post date January 11, 2017

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

In last month’s column, we introduced the topic of bolstering dealer relationships with lenders in the spirit of gaining more business for both parties, with a focus on lender challenges. This month, I’d like to focus on the dealer side of the desk.

So let’s consider the challenges facing dealers when working with their lender partners and steps dealers can take now to address those challenges. In February, I’ll talk in-depth about how both sides “meet in the middle” to build a productive and financially beneficial relationship for both lenders and dealers in the powersports market.

Change is here to stay

The powersports customer is changing. Today’s customer is younger, smarter, and faster. The millennial buyer has spent hours on the Internet researching the dealership, the bike, and often the financing options – before he or she ever sets foot in the showroom. Requiring labor-intensive paperwork and data entry won’t be tolerated by today’s customer. With this in mind, consider talking with your lender to evaluate how to work together to implement technology solutions that work on the dealership level. You’d be surprised how robust their technology can be.

Powersports Market

Surprise! Your Next Motorcycle Sale Might Be A Lease!

Post author By efgmarketing
Post date June 12, 2016

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Lease volumes are up significantly in the powersports market. While a term lease is fairly common in the automotive space, the concept is new to many powersports dealers. Several factors have converged to make leasing a motorcycle a great option for the consumer in 2016.

Consumer demand is up

Today’s consumer has increased job security, a little more disposable income, and a post-recession pent-up desire to have a bike. Whether purchasing for a second vehicle or strictly recreational, the customer is ready to make a purchase. But those hard-time memories linger and the buyer is still looking for value.

Inventories are high

Motorcycle OEMs want to move product and are strongly encouraging dealers to sell new bikes. To sweeten the deal, they are offering subsidized financing incentives. Inventories for used bikes remain high as well, giving independent dealers ample opportunity to capitalize on excess inventory and consumer demand.

Lenders are flocking

Low inflation and increased disposable income has resulting in more lenders entering the powersports market. Whether adding a new book of business – or simply expanding motorcycle originations – lenders like their chances for growth in subprime, pre-owned and new financing.

Tags EFG, EFG Companies, Glenice Wilder, Motorcycle Lease, Powersports Leasing