As a marine dealer, the stability of our current economy and the growth in the recreational boating industry should give you a feeling of security. The National Marine Manufacturers Association (NMMA) recently announced that the recreational boating industry achieved its seventh consecutive year of growth in 2018, with annual U.S. sales of marine products, boats and other services totaling about $41 billion. This is a pretty significant increase of 5 percent from 2017. And the good news is… the NMMA predicts that these trends will continue throughout 2019.
Americans probably value entertainment more than any other nation in the world, which may be evident by the incredible Avengers: Endgame early returns. This suggests that the recreation industry as a whole will continue to grow and remain strong for a while.
AMERICANS LOVE BOATING
Boating is one of America’s favorite pastimes and many of the recreational boats (95 percent to be exact) sold in the U.S. are also made in the U.S., according to Boating Industry magazine. Obviously this information, combined with the growth in demand, resulted in over $170 billion contributed to the U.S. economy in 2018.
This is an almost $50 billion increase to the contribution to the industry and economy over the past seven years. That increase includes the trips and boating activities of consumers and the business tax revenue generated by those types of economic activity.
Ultimately, the recreational boating industry creates jobs, boosts the economy, enhances the lives of consumers, and elevates the quality of living for the country.
WHO ARE THE BOAT BUYERS
Now you may think that boating is an exclusive activity for the top one percent in American society. But research has indicated quite the opposite. According to NMMA, 62 percent of American boat owners have a household income less than $100,000, which indicates the demand for this activity across a diverse economic background.
Do your customers have good experiences with your dealership? What is your brand reputation? Read more to see where you could improve.
It’s likely that lower income earners contributed to the nearly one million pre-owned boats sold in 2018. That was the highest number of sales for pre-owned boats in 12 years! That’s why it’s important for marine dealers to offer affordable financing options for all of their customers, regardless of their economic standing.
MARINE DEALER FINANCING
We specialize in helping recreation product dealerships finance customers with past credit challenges, including bankruptcy, tax liens, collections, and other credit issues. Our loan officers look at each challenging deal individually to give you the highest approval rate. Here are a few benefits of working with us:
Financing for units up to 15 years old
Fixed rate contracts & no prepayment penalties
Generous advance, including back-end product financing
Reliable customer service from experienced professionals