Business Growth

Finding Success Without a Stimulus

Prospects for any additional monetary stimulus prior to the November election declined significantly when a whittled-down Republican plan failed in the Senate on a partisan vote. The proposal amounted to a fraction of the $1 trillion plan Republicans had offered in negotiations with Democrats, who in turn are demanding more than twice as much. The failure to compromise would leave millions of jobless Americans in potentially dire straits, as they exhaust traditional jobless benefits and states run out of additional funds.

For powersports dealers, the last quarter of this year could be very different than the first three quarters. To recap, sales of powersports vehicles, led by ATVs and other recreational units, set records in Q2, with average major unit sales up 60.7 percent and overall revenue gaining by 51.2 percent. Much of this boom was spurred by stimulus funds, coupled with a desire to get outside safely.

Now, the country remains in the grips of the pandemic. According to the Department of Labor, more than 55 million workers have filed for benefits over the past six months. Businesses continue to lay off hundreds of thousands of workers as they grapple with fewer sales and depleted federal aid. Yet despite facing unprecedented economic challenges, over half of U.S. consumers report saving more, according to CIT’s new survey conducted by The Harris Poll.  The survey also states that 60 percent of Gen Z and Millennial consumers reported an uptick in savings. When thinking about the future, another 76 percent of consumers are somewhat to very likely to save more than they usually do each month.


EFG Companies Launches 1,000,000 Mile Limited Powertrain Protection

Cultivating Consumer Confidence to Increase Motorcycle Sales

Million Mile Limited Powertrain ProtectionEFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of a 1,000,000 Mile Limited Powertrain Protection program for motorcycles. This program is designed to foster increased customer loyalty, referrals, and unit sales by addressing pressing motorcycle consumer needs.

While the powersports industry is currently experiencing a period of year-over-year growth, everyone in the industry has an eye on the horizon for the next economic downturn. Dealers are looking to maximize sales while they last and fortify their operations for the future.

“Today’s customers are already in the mindset of being very careful with where they spend their money, and are looking for the best value for the dollar. This has resulted in an enhanced pre-owned bike market over the last few years,” said Glenice Wilder, the vice president of EFG Companies Powersports Division. “By offering 1,000,000 Mile Limited Powertrain Protection, motorcycle dealers have the ability to differentiate their operations, and increase customer loyalty and new customer sales, by providing customers complimentary protection for their bikes.”