One way dealers can keep customers in their RVs is by promoting the potential for RVers to turn their vehicles into rental units. Person-to-person platforms like RVEzy are connecting RV owners with vacationers using an Airbnb model. There is an opportunity here for dealers to work with these PTP providers—for example, offering service plans for rental units. Who knows, we may even see dealers acting in property manager roles in the not-too-distant future. There is a lot of untapped potential in the PTP market.
F&I OFFERINGS Parts and labor costs are up, due in part to inflation, and post-sale service agreements and other F&I products are a good opportunity to increase revenue to mitigate those costs. Not to mention, RV financing is easier than it has ever been, with more opportunities to provide customers with flexible payment plans. Loan terms for new and used RVs can extend up to 20 years and the minimum down payment for an RV is typically between 10-20% - meaning more customers who may not have been able to afford to purchase an RV before, now can.
According to an IDS survey of RV dealers across North America, 55% of respondents said they plan on offering more flexible payment plans in the year ahead like loan terms for new and used RVs and service agreements . More narrowly, 27% of Canadian respondents said they are planning on offering bi-weekly payments.
“Compared to the last couple years, traffic to sales in dealership will decline and will be comparable to pre-pandemic levels at best. Traffic to service/parts in dealership will increase compared to previous years. Fixed ops at dealerships will become overly stressed working to be a liaison between customers and manufacturer warranty/service contracts. Trades and used inventory will begin to hit an all-time high over the next couple of years.” BOB SCHOLL Rocky Mountain RV & Marine
A PLACE FOR PRE-PAID MAINTENANCE PLANS
Pre-paid maintenance plans have been a popular offering in the auto industry for a long time. Now, we’re starting to see RV dealers adopt pre-paid maintenance plans at their businesses. There is an opportunity for dealers to set up their customers for success and increase profit margins by selling plans upfront to cover routine maintenance like oil changes, winterization, and de-winterization for the first few years after the unit is purchased.
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