Tag: EFG Companies

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New Personal Watercraft Protection from EFG Diversifies Powersports Dealer Profits

School may be back in session but summer lingers for many parts of the country. In fact, autumn is a preferred time to be on the water for many, with fewer crowds and more pleasant temperatures to spend valuable time with family. Your customers are still clamoring to get on the water – but do you have the inventory to meet demand?

Personal watercraft sales have skyrocketed during the pandemic, and the trend shows no signs of slowing. According to 360MarketResearch, the market will register a 6.2 percent compound annual growth rate in terms of revenue, with a global market size of $2059.2 million by 2025. But powersports dealerships are struggling to stock inventory, sticker prices for units on the lot are rising, and supply chain challenges have impacted manufacturing timelines. Whether looking for new or used vehicles, the squeeze is real.

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Dealership Training

Subscription Training Delivers Profit

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.

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Business Growth

Prepare for Profit in 2021

While the country is slowly emerging from the effects of the pandemic, the powersports industry started 2021 with a bang! So, what should powersports dealers do now to prepare for the coming months?

According to composite data from more than 1,650 dealerships in the U.S. that use the CDK Lightspeed DMS, revenue from new and pre-owned Major Unit Sales continued to rise 46% in the January 2021 period vs. January 2020.

There are several factors contributing to continued strength in powersports sales. Temperatures are warming, vaccine distribution is rolling out, and COVID-19 cases are trending down across much of the country. A third round of stimulus checks plus income tax returns will hit consumer bank accounts in coming months. Potentially flush with cash and improved consumer confidence, there is a good chance for steady traffic – both online and in the showroom. But will you have what these customers are looking for?

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