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SEARCHWhen the economy took a hit in 2008, the automotive industry was effected, but powersports, a related industry, struggled even more. Seen as luxury items, most powersports products, like motorcycles and off-road vehicles, became far less of a priority for much of the country.
A Roundup of Powersports Companies
When the economy took a hit in 2008, the automotive industry was effected, but powersports, a related industry, struggled even more. Seen as luxury items, most powersports products, like motorcycles and off-road vehicles, became far less of a priority for much of the country.
Those times are now, fortunately, behind us.
While there was certainly consolidation on the dealer side during the past few years, which translated into fewer providers as well, it only served to create a stronger industry that is ready to blaze ahead, not just with sales of the vehicles themselves, but with the F&I products to go with them. For many providers of automotive F&I products, this is a very lucrative related business to get in to.
We talked with a few of the providers who never left the space, who continued to provide F&I products to powersports dealers, despite the struggle, and they are all very optimistic about the future. Powersports, they all agree, had a pretty good year in 2013, and they all see 2014 as continuing that trend. Service contracts, GAP and tire and wheel programs are by far the most popular products they sell, with items such as pre-paid maintenance starting to make a dent as well. They are also seeing dealers taking a much harder look at the F&I process as a whole, looking to invest in more training for their people to make selling these products far more of a priority than they have been in the last few years.
On the whole, powersports is a market that is growing again. Providers who either got out of this market, or were never in it to begin with, might want to take another look, since the opportunities are out there – and creating partnerships with our respondents would be a great place to start taking advantage of them.
American Guardian Warranty Services (AGWS) Kurt Harbeke, National Sales Manager- RV, Marine & Powersports
Do you currently offer any powersports products? If so, which products do you offer?
American Guardian Warranty Services Inc. (AGWS) offers a variety of products for powersports through the American Powersports Plus program and Compass Marine. AGWS offers both Stated Component coverage and Exclusionary coverage for all the vehicles. Coverage offered for all the vehicles comes with a variety of terms and deductibles to fit every budget. Compass Powersports Gap and Tire & Wheel will be added to the dealer options in 2014.
McGraw Powersports Group Jeff Kenny, Vice President of Dealer Channel Development
Do you currently offer any powersports products? If so, which products do you offer?
We currently offer service contracts including street motorcycles, dirt bikes, ATVs and UTVs, personal watercraft/jet boats, and snowmobiles. We also offer a 90-day certified used program, which help dealers push their used inventory by giving consumers a measure of quality assurance on used units. Other products include a tire and wheel program, GPS, appearance protection, theft deterrent, priority maintenance and GAP. Finally, we provide a suite of administration solutions for dealers that cover administrative needs like payroll, bookkeeping, tax preparation and human resources compliance. The idea is to give the dealer more control, improve compliance and increase employee retention. We are both a provider and an agent of products and offer training on everything we sell.
NAC/Family First Dealer Services Courtney Wanderon, Vice President of Sales
Do you currently offer any powersports products? If so, which products do you offer?
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.
Protective Asset Protection Wendell Anderson, National Sales Director - Powersports and Marine
Do you currently offer any powersports products? If so, which products do you offer?
Protective Asset Protection offers a number of F&I products for powersports dealers. Protective offers XtraRide powersports service contracts for on-road/off-road motorcycles, mopeds, ATVs, UTVs/sport UTVs, sport boats, jet skis and custom v-twins. In addition to service contracts, we offer GAP, tire and wheel and trailer coverage for the trailer being towed behind the on-road motorcycle. We also have F&I training specifically for the powersports industry.
The Warranty Group Justin Thomas, Senior Vice President
Do you currently offer any powersports products? If so, which products do you offer?
The Warranty Group has been operating in the powersports industry across various parts of the world for nearly 25 years. In North America, the majority of our business is sourced directly through manufacturer and aggregator partnerships where we provide mechanical repair service contracts, guaranteed asset protection, theft protection, pre-paid maintenance plans and tire and wheel coverage.
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