Financing is the No. 1 reason the powersports industry declined by almost half since 2007, and it’s also the No.1 reason that will drive the industry to full recovery, Jim Woodruff, chief operating officer at National Powersport Auctions, said during a panel discussion.
“As lending criteria continues to open and used [vehicle] financing returns, the industry will be back on track,” he said. “It’s starting now, and you’ll see it expand in the coming years.” Woodruff said he sees an “excellent opportunity” for lenders in the powersports industry.
“Even during the financial crisis, when resale values weren’t performing well, and financing almost completely disappeared in some segments, the impact [on the powersports industry] wasn’t as scary as some may think,” he said. “Powersports is an established industry, not the Wild West, and it has an established dealer network and remarketing channels, with people who love what they do. All the necessary tools are there.”