Recreation Dealers Should Prepare Now for 2022

The recreation industry has enjoyed a shift in traveling mindset over the past couple of years. As flights and hotels became more taboo, personalized outdoor travel increased in popularity. During this time, dealers have seen success and growth as more customers inquire about various recreational vehicles.

However, what are dealerships doing to prepare for when the recreation boom eventually ends? With uncertainties like inflation, COVID-19 and delayed supply chains, it’s important to prepare in order to maintain continued business growth.

Members of the National Association for Business Economics (NABE) still expect growth to occur in 2022, with 66% believing the recreation economy will grow by 3%-6%. However, another 28% of members are less optimistic, estimating 0.1%-3% growth in 2022. With 94% of members of the NABE believing there will be some level of growth next year, recreation dealers can stay optimistic, while still preparing for unforeseeable unknowns.

Advertise Payment Options

When it comes to the unknown, nothing comforts customers more than knowing they have payment options. Offering financing can help your customers overcome their concerns and walk away with a vehicle of their dreams. Recognizing their purchase as an investment in their future travel plans and lifestyle can also make the payments more attractive.

As dealerships work with Medallion Bank to offer financing, they will be able to support a wider range of customers. Although these loans may have increased interest rates, as the nation’s leading non-prime recreation lender we can help borrowers who are on their way to prime credit. Dealerships can offer financing to more customers, regardless of their credit scores.

Putting in place lending best practices has helped Medallion Bank become a reliable source of funding for 17 years. Our first priority is to ensure you and your customers are always taken care of. We take care to look at each customer individually to provide you with the highest approval rate.

Find the Right Recreation Lender

As things slowdown in the winter months, recreation dealerships will have the chance to assess their current business relationships. Marketing support, inventory specialists, accounting and bookkeeping and more should all be addressed. However, reviewing lending partners is another area of the business that can be often overlooked.

There is an option for businesses to extend credit to applicants without taking a major risk themselves. Dealers who partner with highly reputable lenders, such as Medallion Bank, can help consumers rebuild their credit. Recreation dealers can offer financing without posing an unnecessary risk to themselves. Medallion Bank assumes the risk based on their review of an applicant’s creditworthiness. Dealers simply provide their product or service and leave the rest to us.

Working with an experienced non-prime lender allows dealers to reap the best of both worlds. If you are interested in teaming up with Medallion Bank, please contact our team today to learn more about our credit evaluation process.