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RV dealer inventories were larger, in dollar terms, at the end of the first quarter while their sales revenue declined, when compared with the first three months of 2002, according to consultant Spader Business Management.
Profits also were down sharply during the first quarter at large RV dealerships, while midsize dealerships reported marginal profits and small dealers posted small losses during the first three months of this year, Spader also reported.
Midsize dealers, which Spader defines as having $5 million to $10 million in annual sales, reported the largest new RV industry inventory expansion as of March 31. The average midsize dealer’s new RV unit inventory grew by 20.2% to $2,113,249 as of March 31, compared with $1,758,495 a year earlier, Spader reported.
Meanwhile, midsize dealers’ new RV sales revenue declined an average of 4.6% during the first three months of this year to $958,121, compared with $1,004,070 during the first quarter of 2002.
The average midsize dealer posted a net profit of $2,918 during the first quarter, compared with a net loss of $1,124 incurred during the first three months of 2002.
Large dealers, which Spader defines as those with more than $10 million in annual sales, reported new RV unit inventories grew an average of 6.1% to $4,432,496 as of March 31, compared with $4,176,037 a year earlier.
However, the average large dealership experienced a 19.2% decline in new RV sales revenue to $2,454,353 during the first quarter of this year, compared with $3,038,645 a year earlier.
The large dealers’ net earnings also declined 26.4% during the first quarter to $100,833, compared with $136,985 in the first three months of 2002.
At small dealerships, which Spader defines as having less than $5 million in annual sales, new RV unit inventories grew, on average, 9.3% to $1,111,940 as of March 31, compared with $1,017,223 a year earlier.
The average small dealership’s new RV sales revenue also increased 7.9% in the January-through-March period to $422,257, compared with $391,498 a year earlier.
But the average small dealer reported a net loss of $23,300 in the first quarter of this year, which was slightly larger than the net loss of $19,109 reported in the first quarter of 2002.