Yes, we provide a full spectrum of service contracts and limited warranties for the powersports arena. Our best seller is our exclusionary coverage program, which is strengthened by additional coverage options available to our partners. For example, many of our Harley Davidson customers elect coverage on the trailer used to transport their bike. Our program’s complete coverage, coupled with no mileage restrictions, has given our partners a great competitive advantage in this space.
Today, we define powersports as motorcycles, off-road bikes, personal watercraft, snowmobiles and ATVs, as well as the latest side-by-side models. As powersport product offerings expand, we modify our programs to include these new models.How has the powersports market changed in the last 6-12 months?
Over the past 12 months, we have seen a surge in the formation and development of finance departments within powersports stores. Our agents are some of the best in the industry at assisting powersports stores in building new, turn-key profit centers. By offering NAC powersports programs, they continue to provide great value in meeting the needs of their dealers and their dealers’ customers.Where do you see the powersports category as a whole going in 2014?
With continued economic growth and recovery, the powersports industry will continue picking up pace in 2014. Lending sources are continuing to open up, which in turn will help the dealers sell additional accessories and F&I products. This makes the training services provided by our agents even more critical in order to capitalize on the impending profit opportunity. Overall, we are extremely excited for what 2014 has in store.What are the top products for powersports today? How will that change in the next 12 months, if at all? Why?
Service contracts come in as the number one product in the powersports space. However, GAP and tire and wheel come in at a close second and third. We feel many of our powersports dealers are catching or passing their automotive counterparts by investing in training, menu-selling systems and strong follow-up processes to offer products to customers who did not buy the first time around. Over the next 12 months, we will see a rise in the sophistication of powersports finance departments. With that sophistication comes an increase in the adoption of profit participation programs such as retros and reinsurance.Is there anything you would like to add?
Our recent merger with Family First Dealer Services strengthens our value proposition by opening up a full line of F&I products for our powersports partners. We will be aggressively looking to add as many agents and dealers in the coming year, with a key focus on Harley Davidson dealers nationwide.