National Powersport Auctions expects 2018 to be a strong year for the powersports industry, due to a good mix of inventory and the growing number of lenders in the space, Tony Altieri, NPA’s director of business development, told Powersports Finance.
“We are cautiously optimistic to gear up for one of our better years,” he said. The number of lenders in the powersports space is likely to increase in 2018 as auto and other lenders set their sights on the market, he added.
Huntington Bank, for example, expanded its subsidiary FirstMerit Corp.’s recreational vehicle and marine business into 34 states this year, up from its prior 17-state footprint.
Current lenders are also likely to expand offerings, such as adding payment options, Altieri said.
Separately, NPA expects that new-unit sales will “continue to be flat-ish,” he said, but that preowned will fill that retail void. While new-unit sales have been slow to recover since the 2008 financial crisis, preowned unit sales have stayed robust, said several panelists at PowerSports Finance 2017 in October.