Overall, 2016 has been a “normal year” for the powersports industry, said Jim Woodruff, chief operating officer at National Powersport Auctions, “meaning it has followed what we would typically expect based on the last four- to five-year average.”
Woodruff will speak on the Analyst Panel entitled “Where the Customers Are: An Inside Look at Vehicle Demand” at the upcoming PowerSports Finance 2016 conference.
During the Oct. 5 session, Woodruff and his fellow panelists will discuss segment-by-segment valuations and trends, including an update on repossessions, how to master seasonality, and today’s hot vehicles.
Repossessions have ticked up a little bit this year, a trend that is expected to continue mostly due to new lenders in the space, Woodruff said. Industrywide, year-to-date repossessions for side-by-side vehicles are up 49% in 2016 compared with the same time a year prior, and domestic cruisers are up 6% compared with same time a year prior, according to Woodruff.
“Some of those repossessions were an impact of ‘oil states,’” he said. “But for the most part, repossessions are mostly level — with the exception of new vehicles coming from new lenders in space.”
Entrants such as Ride Today Acceptance, which began making loans in April 2015, and the industry’s newest lender, Performance Finance — a joint venture between Polaris Industries Inc. and FreedomRoad Financial aimed at offering retail financing for the manufacturer’s dealers.
Woodruff will be joined on the panel by Lenny Sims, chief of business development at NADA, and Scott Yarbrough, editor of Black Book Official Motorcycle and Powersports Value Guide.