What are some of the biggest challenges you expect to face in the year ahead? Check all that apply.
Other (please specify)
19 %
Cybersecurity
25 %
Hiring / retaining talent
47 %
34 %
Attracting new customers
25 %
Customer retention
59 %
Rising product prices
19 %
Parts shortages
0%
10%
20%
30%
40%
50%
60%
70%
What This Means For Dealers:
• Effects on Purchasing Power: Higher interest rates mean higher financing costs. This might deter potential buyers, especially those considering loans or credit purchases for their RVs. • Consumer Prioritization: As costs go up, consumers might be more discerning about where they spend their money. They may delay purchasing an RV or opt for cheaper, smaller, or used models. • Financing Options: Dealers can work with lending institutions to design flexible and attractive financing options or in-house financing options. Consider longer-term loans or balloon payments.
The Inventory Balancing Act Navigating the ebb and flow of inventory is not a new challenge for RV dealers, but recent market fluctuations have made this aspect of the business particularly vital. Now, as the RV market progresses toward a normalized production phase, a new landscape emerges that requires strategic management and foresight. The question on everyone’s minds now – what does "normal" look like?
Some data points from RVIA reflect this trend:
In 2021, shipments hit a record 600,000+ units. In 2022, a decline to 493k units was observed.
For 2023, the figures settled in the 300,000-RV range. Projections for 2024 expect a slight increase to the mid-300,000 range.
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