Marine dealers report October sales decline

Retail marine sales continued to wane in September and October alongside declining wholesale RV values as powersports segments enter their off-season. Of 58 marine retailers surveyed, around 48% reported sales declines in October, while 21% reported growth, according to a Nov. 4 Marine Retailers Association of the Americas report. Dealers also saw declines in used boat sales, with 54% of respondents reporting declines in October while 23% reported growth. [caption id="attachment_58356625" align="aligncenter" width="1024"] (Courtesy/MRRA)[/caption] Major headwinds dealers reported, according to the survey, include: Access to credit; Government actions such as the shutdown; The economy; and Trade-in activity. [caption id="attachment_58356624" align="aligncenter" width="800"] (Courtesy/MRRA)[/caption] Boat inventory mixed New boat inventory stayed elevated in October, according to MRRA. Around 70% of surveyed dealers said new boat inventory was “too high,” while 4% of respondents said it was “too low.” [caption id="attachment_58356627" align="aligncenter" width="1024"] (Courtesy/MRRA)[/caption] Meanwhile, 40% of dealers reported that used boat inventory was “too high” and 23% said used boat inventory was “too low,” potentially indicating a better balance, according to the report. [caption id="attachment_58356626" align="aligncenter" width="1024"] (Courtesy/MRRA)[/caption] Towable values drop Average wholesale towable values dropped 12.6% year over year and 5.3% month over month to $16,376 in September, according to an Oct. 30 Black Book report. [caption id="attachment_58356621" align="aligncenter" width="1024"] (Courtesy/Black Book)[/caption] September marks the third consecutive month that towable values have dropped, in line with seasonal demand, in which consumer demand wanes in colder weather, Eric Lawrence , principal analyst of specialty vehicles at Black Book , told Auto Finance News . As RV dealerships enter their off-season for sales, Lawrence said they must decide: “Is it worth it for me to hang on to this [inventory] for four months?” “The market is in one of its seasonal lows,” he said. Average motorhome values also fell, decreasing 3.4% YoY and 9.3% MoM, according to the report. [caption id="attachment_58356620" align="aligncenter" width="1024"] (Courtesy/Black Book)[/caption] Aside from May , July and August, when small numbers of expensive Class A units swung overall values higher than usual, motorhome values have stayed relatively flat the year, Lawrence said. “If you take out those three really high months, going back for the better part of the year [values] are right there in the same range,” he said. “I’m curious what it does next month.” Auction volume mixed Towable auction volume ticked up 1.4% MoM in September, while motorhome auction volume dropped 9.1% MoM, according to Black Book. The average model year sold were 2020 and 2016, respectively. The larger drop in motorhome auction volume can be attributed to a few less vehicles coming to auction because of the market’s “small-enough sample,” Lawrence said. “You don’t have to have a whole lot of change to make a big percentage number,” he said. “It’s the same thing that’s going on with some of those values.” Shipments tick up Meanwhile, total RV shipments rose 4.4% YoY in September to 24,595 units, according to an Oct. 26 RV Industry Association report. Towable shipments ticked up 2.7% YoY to 22,878 units, and motorhome shipments grew 21.2% YoY to 2,806 units. For the latest RV and marine updates, see Auto Finance News’ coverage this week of the RV Dealers’ Convention Expo in Las Vegas.

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Marine dealers report October sales decline

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