The chief of RV retail and wholesale lending at KeyBank believes the “slight downturn” the industry is experiencing will continue through the first quarter of 2001.
Ken Landon, president of the Cleveland-based bank holding company’s Recreational Products Lending department, also believes the second and third quarters of 2001 will be “flat to down.”
An upturn in RV sales should not be expected until the fourth quarter of 2001, Landon said.
“Entry level, units under $25,000 (retail), will be the hardest hit,” Landon said. “The motorhome sector will be OK because there’s still plenty of wealth out there.
“Dealer inventories are on the high side given the state of the economy,” he continued. “The dealer meetings this summer will be a little pessimistic. We’ll see the dealers retrench during the second half of 2000 through the first half of 2001.”