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Beaudry RV is negotiating a sale of its Tucson operations to Seffner, Fla.-based Lazydays RV Center Inc., according to a company memo forwarded to the Arizona Daily Star.
The Tucson newspaper reported that the June 30 memo from Beaudry Motor Co. CEO Thomas Sylvester states that Beaudry RV entered into a “letter of intent” with Lazydays on June 27 for the purchase of the dealership.
Sylvester’s memo said the companies will be working on the agreement for the next 30 to 60 days and indicated that the sale is not certain. A letter of intent “allows people to negotiate and fine-tune prices, terms and conditions,” said Denise Yardy, chairwoman of the Southern Chapter of the Arizona Business Brokers Association, who is not involved in the Beaudry deal. The Daily Star reported that Yardy said unlike contracts, letters of intent do not create “a firm legal obligation,” and either party could walk away.
Sylvester said the memo is accurate but would not comment further. Lazydays Chief Marketing Officer Stewart Schaffer also would not comment on the possible sale. The dealership includes the Beaudry RV Resort.
Last December, Beaudry finalized the sale of its San Diego sales and service center to FreedomRoads/Camping World. Beaudry also operates a dealership in Phoenix.
RV sales have slumped in recent months, Lazydays’ Schaffer said.
Lazydays, which has publicly traded debt, showed a drop of about 10% in new vehicle sales revenue in the first three months of the year compared with the same time last year, according to a financial report the company filed with the U.S. Securities and Exchange Commission (SEC).
Used-vehicle sales showed a slight dip of 3% over that time, according to the report.
But while rising gas prices might seem like an obvious culprit for the falling sales, Schaffer said a tight financing market is having a much bigger impact. RV buyers often use home equity as a down payment for buying an RV. With home loans and RV financing harder to come by, some would-be buyers are unable to make purchases, Schaffer said.
“It is positive news and a tribute to all of you that a fine RV organization like Lazydays is interested in acquiring Beaudry RV despite this difficult economic climate,” Sylvester wrote in the memo.